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Deciding to refinance your mortgage can be overwhelming, especially knowing exactly when to lock in a new mortgage rate. In our experience, considering the current financial climate, the time is now. Restructuring your home loan can also include options for using the equity in your home for overdue repairs or an upgrade to your bathroom or kitchen. And if you’re looking to have a lower payment, that is more likely to occur than any time in the recent past. 

A historic low of 2.67% for 30-year mortgage rates happened in December 2020. Now that rates are at 3.39% in three short months, this is still a low rate you’ll want to take advantage of. One thing to also consider, if you’ve been paying on your mortgage for over seven years, a 15-year refinance may be a good option too. Rates in this arena are also at an all-time low, currently around 2.83%. With a home loan at this unprecedented low rate, you can have a lower payment without the stress of a new 30-year loan.  

As pandemic restrictions are lifted over the next year while people continue to be inoculated, the economy is likely to rebound. When economies spike nationally, market rates always start to creep up. Actually, we’re already starting to see this increase occur, in a few short months the rate increased by nearly three quarters of a percentage point. Current insight indicates interest rates will continue to rise throughout the year, including a recent report on Kiplinger’s site by David Payne in March. Payne’s article predicts that with the rate increase for 10-year treasury notes “will also push up mortgage rates” another .4% by the end of 2021. 

Since rates are increasing quicker than rate increases this century, it’s just another reason to refinance as soon as possible. Locking in rates at the lowest possible will ensure a smooth transition for your finances, in terms of a lower payment, or refinancing to cash out with funds for needed repairs or upgrades. Take the next steps now by trying out our mortgage calculator, or learn about programs we have available. 

Ready to start refinancing your mortgage? Call TLC and one of our agents will walk with you through the process.