The Cascade Team Blog

By Liza Alley

As we all know, mortgage rates are constantly going up and down. But right now, they are at the lowest I've personally ever seen them. According to Yahoo! Finance 

• A popular survey shows rates just fell a little deeper into the 2s, which helps not only homebuyers but also homeowners, who can refinance and save hundreads on their monthly payments 
• Rates are up from January’s all-time low of 2.65%, but they’re still among the lowest in history. A year ago, the 30-year fixed was averaging 3.21%.
• With the average 30-year mortgage rate staying under 3%, millions of homeowners have the potential to save thousands of dollars and increase their monthly cash flow by refinancing, according to a recent report.
• “Few people pay cash for their home. As a result, the real cost of a home is the amount paid plus interest. If the interest rate is lower, then you are essentially buying your home for a lower price,” 

Mortgage rates are one of the biggest things to investigate when buying a home and, that's why several people are taking advantage of these low mortgage rates right now. But a lot of homeowners can take advantage by refinancing as well. Not only will people save a lot of money in the long run but it will also benefit you in the short term. Just think of all the things you can do with some extra money each month. If anyone is thinking about buying, this is probably one of the better times.