Tumbling mortgage rates have loan officers busy
BATON ROUGE- Uncertainty over the Coronavirus could mean great things for you if you are in the market to buy or refinance a home.
Mortgage rates have fallen to the lowest rates seen in almost eight years. Scott Forte with Assurance Financial said the phones at his office have been ringing off the hook for people wanting to refinance.
Rates right now are in the two to three-percent range for 15 and 30-year terms. The question now for those in the market is whether to lock now or wait.
"It's a million-dollar question," Forte said. "I always hate giving people advice on when to lock and whether it will go up or down, but I tell people to focus on your payment and if we can get you down to where you feel comfortable. That's a win-win situation."
Financial experts said the rates are influenced by multiple factors. The movement of the 10-year treasury is the best indicator of where they are headed. When yields go down, the rates do also.
"Overall, it's a perfect time to buy or refinance," Forte said.
He said pending refinance loans are up nearly 60-percent. He expects the demand to continue as rates could drop even lower.
"Refinancers, if you can drop a point or more it's worth it to refinance," Forte said.