Virus Driven Lower Rates

20 Year Treasury

As of late Friday afternoon (2/28/2020) the U.S 10 Year Treasury Note closed at 1.156%. Since mortgage rates follow the 10 Year Treasury Note this means rates are not just low, they are very low. This drop has taken about a month to happen with most of the downward momentum driven by corona virus fears.

If you are heavily invested in the stock market it has been ugly for you. If you are paying on a mortgage with a rate above 4%, you should consider a refinance.

As the stock market goes, there is usually a correction. Be patient. As for mortgage rates, they tend to walk to a lower rate but run when they start to rise. Luck has more to do with catching the bottom than anything else. Catching the trend when it is at it’s lowest is the smart play.

Will rates go lower? No one knows. Is it smart to consider a refinance now? Maybe. Let me run your numbers and I will give you a detailed analysis of where you are now, what your goals are and if the numbers work in your favor. I just need a few facts about your current loan, I run the numbers and send them back to you.

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