According to mortgage originator Freddie Mac, the 30-year fixed-rate mortgage reached 4.41 percent on the week of March 7. This signifies a slight increase from the 4.35 percent rates of the weeks of Feb. 21 and 28. Excluding this amount, the current mortgage rates remain lower than those represented one year ago.
With a promising Q1 in the mortgage market, you might feel optimistic about securing a mortgage in the year 2019. However, you should be wary that mortgage rates are anticipated to continue climbing throughout the remainder of the year. Freddie Mac's Feb. 2019 Economic & Housing Market Forecast found these anticipated average 30-year fixed-rate mortgages in each quarter of the fiscal year:
- Q1: 4.5 percent
- Q2: 4.6 percent
- Q3: 4.7 percent
- Q4: 4.7 percent
The numbers reflect that now is the time to secure a fixed-rate mortgage. If you're shopping around for a home or trying to refinance your home loan, now is the time to act.
All about the fixed-rate mortgage
Maybe you're a first-time buyer who has never shopped around for a mortgage. Or perhaps you're a homeowner who has only used adjustable-rate mortgages in the past. If you don't know much about how fixed-rate mortgages work, don't hesitate to do some research to figure out if this is the best loan for you.
Fixed-rate mortgages are characterized by consistent rates that do not change during the lifetime of the loan. Although these mortgages come at different term lengths, 30-year fixed-rate mortgages are typically the most popular type of home loan.
Funding a refinance
You can save a substantial amount of money when you decide to refinance your home. If you secured your existing mortgage when 30-year mortgage rates were as high as 4.8 or 4.9 percent, as they were only a few months ago, getting a new 30-year loan in today's market can be extremely profitable.
Even though you can save a large sum of money when refinancing your home, you will still be held responsible for your home's closing costs. Typically, these costs are comprised of 1 to 5 percent of the total loan amount. Closing fees are made up of the following costs:
- Loan application fee
- Home appraisal
- Title search fee
- Origination cost
- Document fee
- Recording cost
Buying and refinancing, the right way
If you're thinking of taking advantage of today's low mortgage rates, you may consider the right lender to provide you with a 30-year fixed-rate mortgage. If you're looking for a personalized experience, get in contact with Nationwide Mortgage Bankers today. We provide support every step of the way, offering you guidance on the buying and refinancing processes. Don't hesitate – get your 30-year fixed-rate mortgage before market rates are back on the rise.