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Remember when we told you mortgage rates are the lowest they’ve ever been? Remember when we all thought rates couldn’t possibly get any lower than they were?

Well, we were wrong because TODAY rates have hit their lowest ever! As of the time this post was published, mortgage rates are the lowest they have ever been at Quicken Loans.

Today, you can get a 30-year fixed rate at 3.875% (4.007% APR).*

Jay Farner, President and Chief Marketing Officer at Quicken Loans, broke it down like this:

“This is a once in a lifetime opportunity to secure the lowest rates we’ve ever seen.  Think about it this way – you’re sitting at a blackjack table and you have 19 showing.  Choosing not to refinance today would be like hitting on the 19 and having the whole table laugh at your move for living so dangerously.”

Quicken Loans Chief Economist Bob Walters chimed in and explained it by saying:

“As the global financial markets continue to become more and more concerned about the health of the world’s economy, two major trends are emerging.  One, the central banks are using every tool in their toolbox to try and force money into their economies and push interest rates lower.  And two, traders around the world are pulling money out of stocks and other riskier assets and they are moving that money into assets they view as safe.”

Among the “safe” assets that are benefiting are US Treasury bonds and US mortgage bonds.  As more and more money piles into US mortgage bonds – mortgage interest rates are pushed lower.

So how long will it last?

Walters added, “We’re in uncharted territory at this point, but history shows that powerful rallies like this can reverse quickly, which is why we are seeing an avalanche of folks looking to take advantage of these unprecedented rates by refinancing their mortgage.”

The question that you have to ask yourself is simple.  If you have a higher rate than our 3.875%, could you save money with a refinance today?

If your answer is yes, then the next move is a no-brainer – you can speak to one of our mortgage experts about your goals and close on a loan that’s right for you!

*30-Year Fixed-Rate Mortgage: The payment on a $200,000 30-year fixed-rate loan at 3.875% and 70% loan-to-value (LTV) is $940.48 with 1 point due at closing. The annual percentage rate (APR) is 4.007%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.

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