Over the last week here in mid-March 2020, there have been dramatic swings in the stock market as well as with mortgage interest rates. With that being said, it can be confusing when it comes to the decision to refinance or not. The experts at Indigo Mortgage New Mexico are here to help.
A week and a half ago, the expert mortgage brokers at Indigo Mortgage New Mexico were locking VA 30 year mortgage loans at less than 3% and locking 30-year conventional loans in the very low 3% range. Quickly after, they shot up to the upper 4% to almost 5%, which is a drastic increase. As you can see, this is a huge upswing which caused many borrowers to miss their chance at a lower rate.
The question is, what’s next? It’s evident that no one can predict the future, especially with what’s going on in the world today. The mortgage industry expects the rates to drop back down to historical lows eventually. To prepare for this, Indigo New Mexico has started a ticker list where we help borrowers evaluate at what rate it makes sense to lock in for a refinance. If they reach their target rate, we will lock it in right then and there to secure the mortgage rate. This list helps reassure the borrowers that they will not miss out on a lower interest rate when it comes available.
As you can see, the ticker list is a great option for those looking to take advantage of lower mortgage rates when they are available. For more information on current mortgage rates for New Mexico home buyers, or for questions on refinancing, reach out to the team at Indigo Mortgage New Mexico.