Mortgage and Refinance Rates Today, March 2, 2025: As Rates Drop, Should You Buy?
As rates drop, homeowners may be tempted to refinance or buy a new home. According to Zillow data, the 30-year fixed interest rate has fallen by four basis points to 6.27%, while the 15-year fixed rate has dropped by four basis points to 5.57%. With mortgage rates decreasing overall since early February, it's essential to weigh the pros and cons of buying or refinancing. While lower rates can be beneficial, they may not necessarily translate to better loan terms or reduced monthly payments.
- The decision to buy or refinance should be based on individual financial circumstances, rather than just focusing on the current low mortgage rates, as this approach might overlook other critical factors such as property taxes and homeowners insurance.
- Will lower mortgage rates continue to decrease in March, providing a longer period of affordable borrowing for homebuyers?