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Now is the time to refinance your mortgage

Posted on Monday, November 28, 2016 at 2:22:59 PM

Mortgage rates have remained incredibly low for more than a year now, providing current homeowners and those looking to make a purchase with preferable conditions in the lending market. However, if you have not taken advantage of the low rates thus far, now is the time to do so, as it is becoming clear that the current landscape is going to change very soon. 

Nerd Wallet reported that several recent announcements have affirmed that mortgage rates are already increasing for 30-year and 15-year fixed home loans, and will continue on this path for the next couple of months. By January, mortgage rates will almost certainly be well above the historic lows characteristic of 2016. While this is a great sign for the economy at large, it also means time is running out to close a mortgage at such a competitive interest rate. 

If you are looking to refinance your mortgage, do not wait until after the holidays to begin the process of doing so. Reach out to a representative from your local bank to discuss your options and potentially re-structure your mortgage for lower monthly and total payments.