We know we’ve been beating you all up with emails over the last week regarding COVID-19, so we’ll keep this one brief. But it’s an important issue that we thought was worth highlighting with our clients.
As you are likely aware, one of the impacts of this viral scare has been the collapse of the 10-year U.S. Treasury. Yields have fallen from 1.661% less than 30 days ago to 1.14% today. Accordingly, rates for home mortgages have also fallen dramatically.
We spent some time late last week and yesterday talking to banks to better understand rates, and they are (currently) astoundingly low. Yesterday, we were able to get quotes on a 30-year mortgage at 3.00% and a 15-year mortgage at 2.50%. These are the lowest rates we’ve seen in some time.
A mortgage refinance is not right for everyone. There are factors that go into a decision like this that can’t possibly be walked through in a brief email – nor is it possible for us to know from afar whether or not it is a good decision for you. That said, it may be worth talking to your local banker to better understand what these rates could mean for you. We’d, of course, be happy to talk through this issue personally as it relates to your financial plan as well. If you’d like to do so, please don’t hesitate to reach out.
Nevertheless, we didn’t want this opportunity to pass without at least letting you know it existed. We hope this is helpful!