BOYNTON BEACH, Fla. — Mortgage rates are falling near record lows as interest rates tumble amid the declines on Wall Street over the coronavirus.
“It’s the lowest I’ve seen, and I’ve been in the business 40 years,” says Tom May of Echo Fine Properties in Palm Beach Gardens.
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On Friday, rates on 30-year fixed mortgages were right near 3 percent or even lower.
“The calls have been coming in left and right,” says Greg Hayden of Mortgage Done Right in Boynton Beach.
“Right now, it’s mostly refinances, probably 70 percent of the calls are: 'Should I refinance, does it make sense and can I save money?'” Hayden says.
Lower rates can mean lower monthly payments for homeowners and Hayden says some are seeing savings of up to $200 a month.
“I’ve been telling my clients we got lucky in this downswing, how long will this downswing last?” Hayden says.