On Friday, we saw mortgage rates hit their lowest levels EVER! All month long, we’ve been helping many clients refinance to rates below 3%, and we anticipate helping even more through the rest of summer. Renewed fears of another spike in Covid cases around the country are impacting financial markets, leading to even lower mortgage rates.
Since Covid first swept the globe earlier this year, life has become incredibly unpredictable. This is true also for the world’s financial markets, as companies, banks, and investors were constantly re-calibrating the economic risks of Covid.
Typically, the more uncertainty and fear around the world the lower mortgage rates go, but that was not true for most of Spring. Other factors, which you can learn more about by watching my recent YouTube videos, kept the mortgage industry particularly vulnerable to financial losses, so rates did not go into a free-fall.
Now with a second round of Covid cases all but inevitable and a volatile presidential 
campaign right around the corner, mortgage rates may be poised to take another dip. If you have thought about refinancing, please get in touch with me ASAP. We are helping more clients than ever refi to lower rates, shorter terms, or take cash out to pay off debt, but keep in mind not all loan scenarios are able to capture these record low rates. Furthermore, underwriting a refinance is taking longer than normal, so its important to get your application submitted to us before any potential sudden rate drops.
I look forward to the opportunity to help you navigate your options and grab the lowest rates in our lifetimes!!!
Have a Happy & Safe 4th of July!
Matt Sundermier's Memos on Real Estate & on Life 