Why Now Is A Great Time To Refinance Your Lake Wales Home
Last updated 4/8/2021 at 1:12pm
Can you imagine paying over 18% in interest on your home loan? It is true! If you financed a house in 1981, that would be the going rate. That rate seems outrageous today, as a 15-year mortgage is 2.7% APR and 30-year is at 3.4% APR.
Is now a good time for you to refinance, due to these low rates?
The answer is YES for multiple reasons. There are historical reasons, Florida-real-estate specific reasons and math to back up the decision!
Let's start by looking at a brief history of interest rates. In 1971, the year when Freddie Mac started surveying lenders, 30-year mortgages ranged from 7.29...