The latest data from Freddie Mac showed the average 30-year fixed rate dropping to 3.76 percent, with an average of 0.5 points.  A week ago, the rate was 3.81 percent, and a year ago, it was 4.54 percent.  The 15-year is even lower, slipping to 3.18 percent, where it was 3.81 percent last week and 4.54 percent last year.

This is massive news for all of the buyers out there looking right now.  People are saving thousands of dollars on their mortgages by buying new homes and refinancing their current homes.  With the rise in home values, refinances are a great option as well, with homeowners able to save money on their mortgages, take cash out, and get rid of those high-interest credit card payments.

Refinance activity has been brisk at our offices, with hundreds of homeowners trying to take advantage of these lowered rates.  If you bought your home last year or before, you can save hundreds of dollars a month just by refinancing to today’s rates.

A cash-out option is incredibly popular right now.  There’s a rush for these loans right now because people are recognizing that they can use the equity in their homes to pay off their credit cards or make home improvements.  Taking cash out is a great loan option that can help you pay bills and balance your budget, or improve your home.  If you want to put in a pool or a deck, a cash-out refinance right now is the best way to fund it.

You can also take advantage of low rates by shortening the length of your loan.  We offer loans for different lengths of time.  You’re not limited to a 15 or30-year loan anymore.  If a 26-year loan works better for your budget, it’s available.  You can save money on interest and not raise your payment by lowering the interest rate you’re paying.

There are a lot of ways to save with a mortgage refinance when rates are this low.  However, you can’t get refinanced without applying, and we have the fastest loan application in the business. The new 5-Minute Loan Approval app lets you upload, approve, and sign everything online, and lets us pre-approve you the day we talk to you.  No more walking into the office with stacks of paperwork.  Get it done online and save money today.

Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, and Nashville at (615) 810-8555.  You can always apply online with our 5-Minute Loan Approval at for your VA Loan, and for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?

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