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.
Find the best mortgage rates to fit your budget
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Compare rates nowHere’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.
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Make your home work harder for you by making the most of your equity.
The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic. Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.
Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.
