A “quirk” in the market is providing the last great chance for you to capture the lowest mortgage rates we have seen.
Over the last year and change, since the pandemic hit, we have seen a shift in the interest rate market. You likely took advantage of that. 30 year mortgage rates under 3.25% were all the rage in the last year or so. Then as 2021 moved along, we started to see rates gradually rising…until the last two weeks.
In what appears to be a short term blip on the radar, rates are down again, likely only very temporarily. It’s been my experience that they never go up or down in a straight line. But the economy is recovering, people are going back to work and that likely means that this is likely the last chance to grab rates at the lows is you, or someone you know can take advantage.
There are a few reasons to look at refinancing even if you got your current mortgage in 2019 or 2020.
- If you have been the “wait for the bottom person”. This is it.
- You can capture some of appreciation in your house and use it to pay for home improvements, which is a great idea or consolidate other debts.
- If you have a loan with private mortgage insurance or a HELOC you can reduce those obligations.
- You can revisit shortening your term. A 20 or 15 year loan is at lower rates and could save you tens of thousands of dollars.
Don’t wait on this. Unless you think the whole “coming out of the pandemic” economic recovery is a false flag. These rates are likely on their last run for us. As always, we can run the numbers for you for free and the numbers never lie in telling us if this is a good idea for you. Contact us today. Dylan.kramer@benchmark.us
