If you’ve been waiting for mortgage rates to dip, the Federal Reserve’s rate cut yesterday may be the sign you’ve been looking for. Rates on a 30-year fixed mortgage have already dropped to around 6.35%—their lowest level in nearly a year (AP News). According to the Mortgage Bankers Association, refinancing applications jumped 57.7% last week as homeowners rushed to lock in savings (Reuters).
Why consider refinancing now?
Lower your monthly payment: A reduced interest rate can shrink your monthly obligations and free up cash for other priorities.
Pay off your mortgage faster: Refinance to a shorter term and save significantly on interest over the life of your loan.
Access your home’s equity: Tap into built-up value for renovations, debt consolidation, or big life events.
At Premia Mortgage, we make the process seamless. If you’re already a Premia borrower, you’ll qualify for our no-lender fee refinance—a benefit designed to make lowering your rate even more rewarding.
As AP News reported, “Mortgage rates have been mostly falling since late July on expectations of a Fed rate cut.” That means the window of opportunity is here now, and it may not last.
Not sure whether refinancing or buying makes sense for you? Start with a quick pre-approval and see your options: Get Pre-Approved.
Because at Premia, Every Move Matters—and your refinance could be the one that sets you up for long-term savings.