You are not alone if you are crying for help because home mortgage refinance rates are rising. The economy is still reeling from the effect of COVID-19, and now experts are saying that mortgage rates are expected to rise this year. In April 2022, 30-year fixed loans are now over 5%, the highest in more than ten years! Sadly, everybody was caught unaware that it happened sooner than expected.
Try to shop around and compare prices before selecting a lender seemingly offering suitable home mortgage refinance rates. Yes, the initial rates may seem low, but experts predict a continued rise in house prices soon. Be wary of an adjustable-rate mortgage these days, as it might cost you more money.
While it is true that there is a demand for housing because millennials are in the buying stage of their lives, the rising home mortgage refinance rates are forcibly reducing it. That is why getting quotes from multiple lenders is critical. You can talk to our mortgage originators for the best rates in the market currently.
Remember that it is not only the interest rates that you need to be aware of when shopping for the best home mortgage refinance rates, so ask for the possible additional costs that go with it. Different lenders offer different rates and may also have special offers for past and present clients, so talk to your lender and ask about the possible discounts if available.
As you shop for the best home mortgage refinance rates, remember that lenders will consider a few factors that will allow them to give you the best rates, like your credit score and down payment. The kind of loan, terms, property location and the loan amount will also be part of the factors they will consider.