Mortgage rates were already at record lows. Now they could go even lower
March 4, 2020
Mortgage rates have already been near historic lows. Last week, rates fell to an average of 3.45% for a 30-year fixed-rate mortgage and 2.95% for a 15-year fixed-rate mortgage, according to Freddie
"If you're planning to stay in your home, run the numbers to see if it makes sense to refi from a 30- to a 15-year mortgage as well," she said. "You may be able to pay around the same amount every month and get your house paid off a lot sooner, with lower total interest costs."
"It's definitely a good time for someone looking to buy a home to get financing," said Mark, senior economic analyst for Bankrate. "Home prices have risen, and it is rough for those looking for a bargain, but the financing has gotten better.
And there is an opportunity for rates to go lower still, he said.
"If you're trying to look for the silver lining in the midst of the current climate," said Hamrick, "the mortgage interest rate is close to the top of the list."
With uncertainty in the economy and volatile stock market is not very comforting but lowering the lower mortgage rate or refinancing can certainly help.
Currently, in Miami, there are buyers market areas like Key Biscayne or island paradise. This is an island located a few miles from Brickell. One of the safest cities in Florida, with excellent private and public schools. Prices in Key Biscayne have decreased on average a 15% in the past few years. One of the reasons for this is the fact that many international buyers from South America are the ones who purchase properties on the island. Since there has been a decrease in international buyers, this has affected the prices in Key Biscayne.
With the historic low-interest rates, what a better time to buy a property on Paradise Island. One can buy a 2-bedroom, 2 baths, 1260 Sq.Ft. the condo at Commodore East with water views from every room totally remodeled for a little over $900,000. Or a unit for $699,000 that is not remodeled.
The least expensive apartment in Key Biscayne is in Galen Drive a 1 bedroom, 1 bathroom, 854 Sq. Ft. for $264,900 and the most expensive property is an amazing waterfront property at 28 Harbor Pt. asking price $25 million
Bea Rocha is a Broker Associate affiliated with Coldwell Banker Realty