Federal Reserve: Low mortgage rates likely to end soon

Hampden County

WEST SPRINGFIELD, Mass. (WWLP) – Massachusetts Day brought over a number of local leaders to the Big E Thursday, among them was Secretary of the Commonwealth William Galvin.

Secretary Galvin said because of Wednesday’s announcement from the federal reserve, the window to take advantage of these low mortgage rates will likely be closing in the next few months.

The federal reserve announced they will be raising interest rates, so what could refinancing mean for you? Bottom line, you could be paying less to pay your mortgage off. Secretary William Galvin said this is for people who bought a home a couple years ago when interest rates were higher and also for people who plan to stay in their homes for a couple more years.

Secretary Galvin said, “Minority buyers have been slow to refinance and we don’t want to see anybody miss out. Right now most fixed rates are around 3 percent, which is still very, very low. Chances are it’s going to go up.”

Secretary Galvin offers advice about whether or not refinancing is the right move for you on the state’s website.

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