With interest rates always changing, many homeowners like yourself are trying to refinance their property while rates are on the downslope. According to bank rate “Mortgage rates fell slightly during the week ending May 19, a downtick that gives homeowners a chance to refinance their home loans before rates start moving up in earnest. The average cost of a 30-year fixed-rate mortgage ticked down to 3.18 percent from last week’s 3.19 percent, according to Bankrate’s national survey of lenders. Rates reached a record low of 2.93 percent in January”
Here’s what to know if you are in a position to refinance your mortgage.
1. Rates Fluctuate FAST:
that rates are closely tied to movements in bond markets. As bond prices rise, their yields fall, and it is these yields which influence mortgage rates up or down. Interest rates are rising and falling with the speed of the stock market. And like the stock market, the key is to begin the refinancing process before rates start going up again.
2. There’s No Need to Panic:
If you missed out on a great rate, relax. Mortgages are likely to continue fluctuating. The best thing you can do now is to prepare yourself for the next rate drop. That means keeping a tab on rates and lenders. The good thing about mortgage rates always changing is that you can always wait for the next round of low mortgages rates to hit on your refinance.
3. Know What You’re Looking For:
Refinancing is like grocery shopping: If you don’t know what you’re looking for before you start, it may take you a lot longer. Define the rate and loan type you need to make refinancing worth your while, and be ready to move as soon as it comes around.
4. Don’t Forget Keller Mortgage:
As a Keller Williams agent, I can refer you to exclusive refinancing options, courtesy of Keller Mortgage. Our team would be happy to help you if your interested. please fill out the form below and we will reach out to you with more information. We look forward to hearing from your soon!