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.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Storage facility's mistake caused disabled man's belongings to be thrown in the...
House struck by stray bullet after gunfire erupted on I-10
Terrifying video shows man mugged in his driveway
It's been 58 years since the Comite was cleaned, and some residents...
Gunman kills 19 children, 2 teachers in Texas school rampage
Southern baseball wins game one 21-2 over Alcorn
VIDEO: Former Saints and Tiger Devery Henderson talks about the difference between...
New NCAA rules tweak opens door for more SEC dominance
VIDEO: Devery Henderson Talk about Bluegrass Miracle and the Saints "Rebirth game"
VIDEO: Former Tigers and Saints receiver Devery Henderson talks with Corey Rholdon...