Henri Gourd 914-954-3897 henrigourd@bhhsne.com In the last 10 months, the average 30-year fixed rate mortgage fell 19% which saved the buyer of a $500,000 home $475/ month in principal and interest payments. With the recent drop in interest rates by the Federal Reserve, there is a very good chance we will continue to see a further reduction in mortgage rates. So how can a homeowner who purchased in a higher interest rate environment benefit from lower rates? One popular way is to refinance your mortgage. You need to speak to your lender, or shop around, to see what works best for you but a rule of thumb is if the new mortgage rate is 1-2 full percentage points lower than when you purchased the home, there is a good chance it makes sense to refinance. If you are thinking of selling soon, the reduction in interest rates should stimulate buyer activity as more homes become affordable. It is a good time to reach out to your Realtor to understand your options in the market. BERKSHIRE HATHAWAY HomeServices New England Properties Selling it all, from cottages to castles! Henri Gourd 914-954-3897 henrigourd@bhhsne.com In the last 10 months , the average 30 - year fixed rate mortgage fell 19 % which saved the buyer of a $ 500,000 home $ 475 / month in principal and interest payments . With the recent drop in interest rates by the Federal Reserve , there is a very good chance we will continue to see a further reduction in mortgage rates . So how can a homeowner who purchased in a higher interest rate environment benefit from lower rates ? One popular way is to refinance your mortgage . You need to speak to your lender , or shop around , to see what works best for you but a rule of thumb is if the new mortgage rate is 1-2 full percentage points lower than when you purchased the home , there is a good chance it makes sense to refinance . If you are thinking of selling soon , the reduction in interest rates should stimulate buyer activity as more homes become affordable . It is a good time to reach out to your Realtor to understand your options in the market . BERKSHIRE HATHAWAY HomeServices New England Properties Selling it all , from cottages to castles !