A funny thing happened on the way to rates rising in 2014…they didn’t. At the beginning of the year, “everyone knew” that rates would rise dramatically in 2014.
Since that point in time, mortgage rates have actually dropped pretty significantly. So the window of opportunity has reopened for two types of people. You may be one of them.
1. Potential buyers who were thinking that the horse had left the barn and they could no longer afford to buy. Marginal increases in monthly payments caused by increasing values are now being offset by decreasing rates.
2. People who did not get around to refinancing. Now you can still save $100 bucks a month or better yet, tens of thousands of dollars by cutting the term (number of years remaining) on your existing mortgage.
Either way, the time to act is now. Because “everyone” will eventually be right about rates rising. Just not quite yet.
