Experts say that with mortgage rates beginning to rise, refinancing your home now might be your last best chance to lower your monthly mortgage payment, as rates remain near all-time lows.
Those …
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Experts say that with mortgage rates beginning to rise, refinancing your home now might be your last best chance to lower your monthly mortgage payment, as rates remain near all-time lows.
Those who refinanced early in 2021 have already reaped the benefits. Borrowers who refinanced their 30-year fixed rate mortgage into another 30-year fixed rate mortgage during the first half of 2021 saved over $2,800 in mortgage payments on principal and interest annually, according to a recent Freddie Mac research report.
But mortgage rates are rising. Indeed, in October 2021, the 30-year fixed-rate mortgage, which is the most common type of mortgage, rose to its highest point since April, surpassing 3.0%. Freddie Mac forecasts that mortgage rates will continue to rise, averaging 3.5% for the 30-year fixed in 2022. That’s up from an average of 3.0% in 2021.
So is it time to refinance your home loan? To help you make an informed decision, Freddie Mac is offering answers to commonly asked questions about the refinancing process:
There may be no time like the present to lock in the lowest possible rate and receive the highest monthly savings. To get a sense of what refinancing could save you, access Freddie Mac’s refinance calculator, along with additional homebuying and refinancing resources, at myhome.freddiemac.com.
As with any big financial endeavor, you’ll want to do your homework, look carefully at your short- and long-term goals, and work closely with your lender to do a cost-benefit analysis.
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