Worried about locking in a crappy interest rate when you refinance? Let’s talk about the outlook for interest rates in the near future. Will they increase? Will they drop? Should I lock my interest rate or should I wait?
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After having historically low interest rates on mortgages, interest rates have increased this last week! Freddie Mac’s weekly survey actually shows interest rates increasing by .25% – .375%. Some lenders have even reported having a .5% increase in mortgage interest rates. If you are considering whether you should refinance now, hearing that rates are going up can be stressful. Should you lock in your interest rate right now or should you wait to see if interest rates decline and lock in at the lower rate?
It’s time to lock in your interest rate right now. Interest rates are on the climb. With the passing of more stimulus packages, a more positive economic outlook when compared to 2020, and COVID-19 cases declining, interest rates are likely to keep climbing. If mortgage interest rates are increasing then it is time to lock in your refinance rate so you can keep your interest rate as low as possible.
If you are worried that your interest rate right now is bad, don’t be too worried. Just 5 years ago I bought a house and my interest rate was 4.25%, 3 years ago I bought another house and my rate was 3.99% and then just 2 months ago I refinance a house at 2.99%. That 2.99% was even done without having to pay any closing costs!
Interest rates today are still hovering around 3% which is extremely low! My parents at my age would have loved to see mortgage rates below 10%. So we are still sitting at super low rates and it still may be a great opportunity for you to refinance your mortgage at a lower interest rate and save yourself a lot of money!
Lock in that lower interest rate, save yourself some money and use it to pay off your debt quicker! I’m all about helping people with their personal finance. I want to help as many people as possible be better with their money!