שם הפרויקט
-
עירתל אביב
-
יחידות101
-
יזמיםלוינשטיין
accessibility
Mortgage and refinance rates have been rising, but that doesn’t necessarily mean you should rush to buy soon if you aren’t financially prepared.
“An uptick in rates, followed by increased volatility driven by geopolitical events, has made for one of the bumpiest weeks for rates in some time,” says Robert Heck, vice president of mortgage at Morty.
Mortgage rates are at their highest levels since the COVID-19 pandemic began. But they’re still lower than they have been in years past, so if you lock in a rate today, you could get a comparably good rate.
“We should keep in mind that rates below 4% are still relatively low by historic benchmarks, and we saw rates as high as 5% as recently as ,” Heck says.
The US is a seller’s market right now, meaning there are more buyers than there are homes for sale. Homes are expensive as a result, and bidding wars are competitive. If you don’t have enough money for a down payment on a home you like, it might not be the best time to buy a home.
But if you’re financially ready to make a down payment and cover closing costs, it could still be a good time to buy. Mortgage rates have risen – but rates aren’t necessarily high enough to affect your decision.
“Homebuyers should remain calm, looking beyond the short-term rate shifts we’re seeing now, and continue to evaluate the decision to buy a home based on a number of different factors,” Heck says. “Buying a home is a major financial decision, and, while rates have increased, they have not risen to levels that make them the driving force around whether someone should buy a home right now.”
It depends on your situation – but in general, yes, this is a good time to refinance your mortgage. Refinance rates are relatively low, but they’ll probably keep inching upward this year. If you can lock in a significantly lower rate by refinancing, you may want to do so.
We should keep in mind that rates below 4% are still relatively low by historic benchmarks, and we saw rates as high as 5% as recently as . Robert Heck, vice president of mortgage at Morty
Keep in mind that refinancing will probably only be worth the effort if you payday loans Westmont Illinois plan to stay on the home for at least a few more years. You’ll pay closing costs when you refinance, so you want to stay in the home long enough that the amount you’ll save in interest exceeds the amount you pay at closing. Otherwise, you could lose money by refinancing.
Improving in these three categories will help you land the best refinance rate, which could lead to a great time to refinance your mortgage.
Mortgage type | Average rate today |
Mortgage type | Average rate today |