Current investment property mortgage rates have been trending down in recent months and dropped further in the last month, with 30-year fixed rates reaching a record low. This is great news for investors looking to purchase or refinance investment properties. London landlords are selling up their buy-to-let properties at record rates as anticipated tax hikes add further pressure to the once lucrative investment. With mortgage rates hovering around 7%, finding the right lender is more important than ever.
Find out what lenders are repricing and how their deals stack up with the rest of the market. Current mortgage interest rates in August 2024 fell to their lowest level since May 2023. In fact, the average fixed rate for a 30-year term hit a record low, making it an ideal time to invest in real estate. Buying an investment property is one of the more common ways to invest in real estate. Whether you plan to offer the property to renters or use it for vacation purposes, now may be the perfect time to take advantage of low mortgage rates.
Mortgage rates fell in the week ending August 29, offering a refinancing opportunity to some recent buyers. Having their financial ducks in a row and rate shopping when applying for a mortgage can save borrowers up to nearly 150 basis points (1.5%). Second home mortgage rates vs. investment property mortgage rates are also a consideration for investors. Mortgage interest rates are higher for second homes and investment properties, so it's important to compare rates and terms before making a decision.