Mortgage Interest Rates Drop Below 3%

PITTSBURGH (KDKA) -- If you are looking to buy a home or perhaps refinance your home to get extra cash, now is the perfect time, local experts say.

Mortgage interest rates have dropped below 3% have dropped below 3%, which means it's cheaper than ever to borrow money to buy a home.

If you are paying above 4% interest on your mortgage, you may also want to refinance your current loan to reduce your monthly mortgage payment, or get cash to remodel or upgrade your home.

Appearing on the Sunday Business Page with KDKA's Jon Delano, local mortgage broker Jim Martin says he's never seen rates so attractive for consumers.

Martin says, "2.94 is literally the bottom. It's never been this low. Now, I'll probably say that six months from now if it keeps getting lower, but this is a fantastic time to refinance, buy or invest in real estate.

"August in our office was the biggest month we've ever had, and that's the same across the industry," Martin said. "Everyone who touches real estate finance right now is absolutely going crazy because these rates are so low."

Jon Delano's full interview on low mortgage interest rates will air this Sunday on the KDKA Sunday Morning News between 7 a.m. and 9 a.m.

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