Can you get a mortgage for less than 3%? Yes – right now you can find conventional mortgages that start with a 2.
Last week mortgage rates fell dramatically, bringing conventional rates lower as the bond markets rose higher – remember, they move inverse of each other. Lenders locally here in the New River Valley are quoting both above and below 3% on conventional mortgage, which is just nuts to put in writing.
Tomorrow? It could be a different story. But if you’ve got a closing scheduled in the next 60 days, you’ll save yourself money in the long run by locking today. Not ready to buy? That’s fine – buy when you’re ready to buy.