LEXINGTON, Kentucky (WKYT) – Both seasonal factors and modest increases in mortgage rates have forced both homeowners and prospective buyers out of the mortgage market, according to new data gathered before regulators dropped the refinancing fees. which led to a sharp decline in rates. Borrowers who took their time can now save a lot of money and have lower mortgage rates. Fiduciary Retirement Planning Advisor Josh Smith with Strategic Wealth Designers joined us on a news release to discuss why we are seeing rates so low and how to get them.
“Many borrowers have abstained due to high rates, but most likely due to the lifting of COVID-19 restrictions,” said Josh Smith. “However, as rates have dropped significantly recently, we see that mortgage applications have reached their highest level since early May.”
Borrowers are not the only ones to see the benefits of these lower rates. The homeowners could see them too. The Federal Housing Finance Agency announced that it will remove the refinancing commission, known as the Adverse Market Commission, from August 1.
“Eliminating unfavorable market refinancing fees will allow current homeowners to take advantage of low interest rates to save more money,” Smith said.
Although mortgage rates are low and keep dropping, getting them takes some work, whether you are applying for refinancing or buying a mortgage. There are several factors that greatly influence how you can get lower rates.
“Your history as a borrower will definitely affect the proposed rate, so take a look at your credit rating and make sure it’s impressive,” Smith said. “Plus, buy at the lowest mortgage rate in your area. Comparing different mortgage rates can save you thousands of dollars. ”
If you are looking to pursue an encore career, consider discussing this with a financial planner to make sure it doesn’t hurt you financially. For more business and economic news in the Lexington area, visit https://www.WKYT.com/MoneyMatters/ and if you have a question for Josh, send an email to email@example.com…
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