5 Reasons to Refinance in And Save Money
August 5th, 2021
- Refinance rates are at historical lows: The economy is artificially suppressing interest rates in order to keep them low. Note that these rate-suppressing programs could end sooner than expected. Jerome H. Powell, the central bank’s chair was recently quoted saying “when the time comes to raise interest rates, we will certainly do that”.
- Rates will rise: It’s inevitable and it is only a matter of time before rates will start to rise again. They could even rise soon. Bob Broeksmit, President of the Mortgage Bankers Association all but ensured they would rise stating that “with mortgage rates well below 3 percent but expected to rise slowly this year, many homeowners are acting now.”
- It can save you a lot: On average, in January 2021, users saved tons on the lifetime of their loan by refinancing.
- Mortgage rates are tied to treasury bond prices: This means that treasury bond yield trends could raise mortgage rates. If bond yields increase, mortgage rates would also increase, says Matthew Speakman, economist at Zillow.
- There is no risk and it’s free to look: By using this tool, you can compare rates tailored to you and see how much you can save for free. This easy to use form only takes 2 minutes and there is no hard credit pull.
Will Refi Work for Me?
When lenders compete you win. Get matched with up to 5 offers and calculate your new payment. Additionally, a recent study showed that shopping around can have more of an effect on a rate than a buyer’s credit score or down payment. Don’t miss out on this refinance opportunity and finally check off mortgage savings from your to-do list.
A Quick Summary: There’s no need to wait to refinance your mortgage – with the its historically low rates, homeowners can take advantage before the Fed meets again to raise rates.Click here to calculate your savings »
How Do I Find Out My Home Refi Rate?
- Click on your state below.
- Answer a few quick questions.
- Compare the best quotes from multiple lenders.