If you’ve been thinking about purchasing or refinancing a home, now might be the perfect time. The Federal Reserve recently cut the discount rate for the first time in over a decade. This indirectly lowers the interest rates on consumer credit, such as credit cards, personal loans, auto loans, and mortgages. Typically, mortgage rates will vary on a daily basis and are aligned with 10-year Treasury notes. Freddie Mac has a helpful Interest Rate Tracker which shows the average 30-year fixed interest rate on conventional mortgages.
Here are a few recent articles from CNN and Business Insider which explain further the correlation between the Federal Reserve and the impact on the cost of consumer credit.
Please keep in mind that interest rates are subject to change and your actual interest rate may vary from national average rates based on your credit history, home location, debt-to-income ratio, loan amount, down payment, and other factors.
At AAFMAA Mortgage Services LLC, we help servicemembers and Veterans get a low-rate and low-cost mortgage to build, buy, or refinance a home. We provide very competitive rates and superlative service to make sure you and other members of the military community can get a mortgage to meet your needs. For more information, please visit www.aafmaa.com/mortgage or call 1-844-247-4208.