Renegotiate mortgage renewal or consolidate debt
For the past couple of weeks fixed mortgage rates has been on the decline. That should be welcome news to thousands of homeowners who are looking to save on interest payments on their loans and credit cards. A lower mortgage rate would help them to pass the stress test and consolidate debt and they could refinance their mortgage at lower rates.
For borrowers whose mortgage come up for renewal they could be looking at lower rates if they know how to negotiate with their lender. Enlisting the services of a mortgage broker could pay dividends as in most cases they are able to renegotiate a better rate at renewal.
Earlier this week the American Feds indicated that they would not be increasing rates this year and could raise rates only once in 2020 (election year).
5-year mortgage rates
With this news that money is going to be cheap for a while the yields on bonds are lower. Bond yields and the five years fixed mortgage rates move in tandem, so rates are lower just in time for when most banks renew their mortgage. You can get a 5-year fixed mortgage rates just above the historical low rates he had a couple years ago.
Insured or Insurable Mortgage
If you have an insured or insurable mortgage you could get rates as low as 3.19%. An insured mortgage is a mortgage that you initially put less than 20% down when you purchased and currently meets federal guidelines to be considered an insured or insurable mortgage. If you don’t have an insured mortgage you are looking at rates as low as 3.29% for a 5-year fixed mortgage.