Mortgage rates have currently dropped to a two year low…

…with average rates on 30-year fixed averaging approx 3.8% and 15-year fixed mortgages dropping to approx 3.3%. Last year at this time rates were averaging 4.5% for a 30 year fixed, and 4% for a 15-year fixed.

Mortgage rates are constantly changing, but if you’ve been thinking about refinancing or applying for a home loan, now would be a good time to try and lock in a low rate. Unlike the big banks, here at Capital Mortgage, we can shop around to find the very best option for your specific needs or situation.

“These low rates are great news for those looking to purchase a home and for current homeowners interested in refinancing. At these current rates, you’d pay principal and interest of about $465 for every $100,000 borrowed,” said Gail Taylor, owner of Capital Mortgage LLC located in Meridian Idaho.

For another example, if you refinance a $200,000 mortgage from a 5% interest rate to a 3.8% interest rate, you could lower your payments by almost $140 per month or $1680 per year.

You can use the mortgage calculator tab located on our home page to see what your monthly payments would be or how much you’ll save. Enter 360 in the “MONTHLY PAYMENTS” field for a 30 year, or 180 for a 15-year loan term calculation.

Contact us today to learn more about the costs associated with refinancing. Once we know the costs for your specific situation, we can help you compare the costs vs benefits, and decide if refinancing right now would be a good option for you.

Give us a call today 208-854-7800 or contact us Online