AMARILLO, Texas (KAMR/KCIT) — With newly-lowered interest rates, it could be a good time to buy a home or finally refinance your mortgage.
For the first time since the great recession of 2008, the Federal Reserve has lowered interest rates — for now.
“When the fed lowers the rate, it doesn’t always impact mortgage rates. Long-term it doesn’t impact it, but short term it does. So, the rates now are incredibly low. You can find mortgage rates below four percent,” said Amarillo National Bank Mortgage Loan Officer, Kelsey Lankford.
Lankford said this is good news for current and prospective homeowners.
“It can save them tons of money over the time that they have their house. So, they can have a lower rate, paying less interest, saving money over the entire life of their loan,” said Lankford.
Lower rates mean more money in your pocket over time.
Lankford said when looking to refinance, talking with a loan officer about reducing the term of your mortgage can help homeowners save money as well.
While this is good news, Lankford said it is hard to predict whether interest rates will stay this low for long, or the impact it could have on the housing market.