The Federal Housing Finance Agency’s price index saw an uptick to the pace of annual price increases.
The index improved by 5.1 percent year over year and also increased by 5.2 percent in January.
Price appreciation was positive as well through the United States, with some regions seeing nearly 7 percent growth.
Despite the challenges faced by all Americans during the COVID-19 pandemic, the real estate market continues to display signs of strength and opportunity, especially in terms of falling interest rates.
With today’s lower mortgage interest rates, more families are turning to refinancing for some relief. Through a refinance, you can convert the rate terms of your current mortgage to a smaller number and also potentially pay less per month.
A wave of refinancing activity is taking over the market due to the ultra-lower rates and other economic considerations.
Federal stimulus – direct money into the pockets of Americans and investment incentives for mortgage-backed securities – are giving consumers reasons to feel optimistic about their financial future in the real estate market.
Securing a sustainable future begins with smaller costs and affordability. Today’s rates give homeowners more incentive than ever to consider a mortgage refinance.
In February, real estate data firm Black Knight reported that over 11 million homeowners stood to save about $270 a month on their mortgage if they refinanced their homes.
Today’s lower rates give families the opportunity to lower their mortgage rate even further. Along with reducing the interest rate on your home loan, you can also refinance your home for a lump sum of money for other purposes.
Big purchases or home renovations are typical ways homeowners use a cash-out refinance. Others may decide to reinvestment their money to pay off debt and improve their long-term credit health.
If you think a refinance is for you, please contact us today to learn more about this opportunity and how to make the most of today’s market.