On December 16, 2020, the U.S. Federal Reserve announced that the federal funds rate would remain at nearly zero, where it has been held since the board’s initial groundbreaking decision on March 15, 2020. The last time rates were this low was during the financial crisis of 2008.

Thousands of homeowners are checking to see how the Federal Reserve’s historic decision will impact mortgage rates and the overall affordability of refinancing their current home. How low the fed funds rate is set will influence a lender’s ability to offer lower interest rates to consumers.

See How the Historically Low Fed Funds Rate Can Affect Your Mortgage Rate

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Now is the time for homeowners to act fast. If you’re thinking of refinancing your home, it’s important you find out how you can take advantage of today’s low rates. Thousands have turned to PennyMac to secure their own low interest rate on a home loan. Rates will not be this low forever, so urgency is paramount.

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The Federal Reserve is set to meet again in the near future to announce a new federal funds rate. So, if you are looking to save money each month on your mortgage by obtaining a low interest rate, now is the time to act.

It can be easy to let economic and financial news fly straight over your head, but this crucial, time sensitive news about low rates is too important to ignore. Refinancing into a lower rate can mean thousands of dollars in savings over the life of your loan! Learn about your potential savings today.

Want to see the low rates in your area? Here's how:

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Sources:

https://www.federalreserve.gov/newsevents/pressreleases/monetary20201216a1.htm
https://tradingeconomics.com/united-states/interest-rate
https://www.macrotrends.net/2015/fed-funds-rate-historical-chart
https://www.nytimes.com/2020/09/16/business/economy/federal-reserve-interest-rates.html
https://www.marketwatch.com/story/the-housing-market-is-on-a-sugar-high-home-sales-are-soaring-but-is-it-a-good-time-to-buy-heres-what-the-experts-say-2020-08-21
https://www.cnbc.com/2020/09/24/coronavirus-new-home-sales-crush-expectations-but-the-supply-is-running-out.html