As of July 16th, the average fixed rate on a 30-year mortgage stood at 2.98%, the lowest level going back to at least 1971 according to Freddie Mac and the St. Louis Fed.
If you have not refinanced your mortgage recently, we recommend you consider if it could be advantageous and what refinancing options might be available to you. The average rate has been between 4.0-5.0% much of the last three years which means many clients could be well positioned to both further reduce monthly payments and save on the cost of their overall loan for its duration.
The firm has a financial model and can provide you with a comparison of your existing loan to your refinancing options to help in making the decision. Our model is able to consider various key factors (outside of simply looking at the loan interest rates) to make an apples-to-apples comparison between different loans—for example, it can compare extended or shortened duration loans incorporating time value of money and future cash flows.
Parkside is here to help. Please contact us if you have questions about whether refinancing is worth considering for your situation.