Refinance News

Interest Rates Are Down; Is It Time to Refinance Your Mortgage?

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The interest rate on a fixed-rate mortgage will vary from borrower to borrower based on loan size, location, your credit score, the length of the loan, the amount of down-payment on a purchase, and whether or the mortgage loan product is either conventional, FHA, or a VA home loan.

As of the first week of June, long-term mortgage rates were down for the sixth consecutive week. The 30-year fixed rate average was below 4%, its lowest point since September 2017. If you’re a homeowner, you may be wondering if now’s the time to refinance.

If mortgage rates fall, you may be able to save by securing a lower interest rate than you have on your existing loan, says Steven Fung, sales lead at online mortgage lender Clara Lending. This is known as rate-and-term financing – when you refinance your mortgage for one with a lower interest rate, and one that usually has the same remaining.

What banks recommend: If it's up to the loan officer, the best time to refinance a.. come down post election, and even after the Fed started hiking interest rates.

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Your credit score has one of the biggest impacts on your mortgage rate as it’s a measure of how likely you’ll repay the loan on time. The higher your score, the lower your rates. If you haven’t pulled your credit score and addressed any issues, then start there before reaching out to lenders.

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It is undeniable that as interest rates go up, affordability goes down, and commercial real estate appraisals. So don’t panic if you find yourself in a jam when it comes time to refinance. Consider.

Today’s low refinance rates . Estimated monthly payments shown include principal, interest and (if applicable) any required mortgage insurance. ARM interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5/1 ARM, 7 years for a 7/1 ARM and 10 years for a 10/1 ARM).

Refinancing at a higher interest rate to lower interest costs is never justified, While the "securitization" of mortgages has driven down interest rates by increasing. Read Is Now the Time to Refinance an ARM Into an FRM?