Putting it off could cost you

According to the giant mortgage company Freddie Mac, mortgage rates have hit their lowest levels since record-keeping began in 1971.

You might think you should hold off on refinancing in case these rock-bottom rates drop even lower, but trying to "time the market" could cost you big-time.

It’s impossible to predict how long rates will stay this low. If you wait even one day too many, you may miss out.

So don’t sleep on the chance to refinance at a low rate now while you still can.

Here’s how to refinance into the best rate

With rates so low it can be tempting to jump at the first offer you see, but if you want to take full advantage of the current market you need to shop around.

You should plan to compare refinancing offers from at least three different mortgage lenders before you lock in a rate.

According to a recent study, refinancers who shop around save an average of about $2,000 a year.

Comparing rates might seem like a chore, but it’s really not. Just use the tool below, and you can see rates from multiple lenders in a matter of minutes.

About the Author

Shane Murphy

Shane Murphy

Reporter

Shane is a reporter for MoneyWise. He holds a bachelor’s degree in English Language & Literature from Western University and is a graduate of the Algonquin College Scriptwriting program.

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