Putting it off could cost you

According to the giant mortgage company Freddie Mac, mortgage rates recently hit their lowest level since record-keeping began in 1971. But since then, they've been going up.

You might think you should hold off on refinancing in case rates drop to rock bottom again, but trying to "time the market" could cost you big-time. And today's rates are still incredibly affordable, compared to what borrowers were paying before the pandemic.

It’s impossible to predict how long rates will stay as low as they are now. 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 one 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 Credible, and you can compare rates from multiple lenders in a matter of minutes.

Paid content from Credible Operations, Inc. NMLS No. 1681276, 320 Blackwell Street, Durham, NC 27701, 4500 Mercantile Plaza, Suite 300, Office 377, Ft. Worth, TX 76137, not available in all states

NMLS Consumer Access

Credible — State Licenses and Disclosures

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.

You May Also Like

Title Fraud Can Mean the Loss of Your Home — Here’s How To Protect Yourself

Prevent scammers from stealing your biggest assets and demolishing your credit.

Looking to Protect Your Portfolio Against Inflation? Don’t Overlook Farmland

As a commodity-producing asset, farmland is an excellent hedge against inflation.

Sprucing Up Your Home? Don't Decorate Without This Money-Saving Secret

This 30-second trick can save you a surprising sum on any big project.

Here’s How to Find Better Deals When You Shop Online

There’s an easy way to automatically scan for lower prices, and it’s totally free.