When professional cyclist Phil Gaimon saw that interest rates had dropped in early March, he decided to call his mortgage broker, pronto. By March 28, Gaimon, 34, had locked in a rate of 3.375% for the two-bedroom, two-bathroom townhouse he purchased in the Los Angeles neighborhood of Toluca Lake in 2014—nearly a whole point less than his […]
Is It Time to Refinance Your Mortgage?
Worries about coronavirus have battered stocks and sent investors fleeing to the safety of U.S. government debt. On Friday, the yield on the 10-year Treasury note fell below 0.7% for the first time. Earlier this week, the Federal Reserve cut its benchmark rate to a range between 1% and 1.25%. Mortgage rates are expected to fall along with those yields. The 30-year […]