Here’s your latest update on the state of mortgage rates in the market right now and what that means for you.
Since the beginning of the year, mortgage rates have fallen sharply, at least compared to last year—they’re down by about 1.5%. These rates are nearly equal to the lows we saw in 2012. This drop has resulted in increased purchasing power for most buyers.
If you were pre-approved for a mortgage say, back in October 2019, rates have dropped by 1% since then. Now, if you were to get an updated pre-approval, you could be approved for up to $50,000 more depending on your situation.
If you have any questions, feel free to reach out to me. I’d be happy to help you find out what you’d qualify for now or find a way to save some money by refinancing. Hope to hear from you soon!