90-Day Market Watch: Rate Opportunities

Don't wait for the Fed's next announcement! Mortgage rates often adjust sooner, based on bond market expectations, and are not directly tied to the federal funds rates. When rates dip, affordability improves, but competition also surges, which can quickly push home prices higher.

The takeaway? Timing is key. Buyers who are pre-approved and ready to move quickly can secure both a favorable monthly payment and the right home before increased demand raises property values. Remember, your current rate isn't permanent; you can always refinance later if rates drop further or your credit improves. Stay prepared to act fast.

Should You Refinance? Key Reasons to Consider

Refinancing your mortgage can be a powerful financial tool, but it must align with your personal goals.

The top reasons homeowners refinance are to:

Lower Your Interest Rate: Even a small drop can save thousands over the life of the loan.
Access Home Equity: Use a cash-out refinance to fund major expenses like renovations or debt consolidation.
Reduce Monthly Payments: Shift to a lower rate or longer term for immediate budget relief.
Change Loan Types: Swap a variable-rate mortgage for a stable fixed rate, or drop expensive private mortgage insurance (PMI).

The Essential Consideration

Remember, refinancing involves closing costs (typically $3,500–$5,000). You must calculate your break-even point to ensure the monthly savings justify the upfront expense.

Consult a mortgage professional to determine if refinancing makes financial sense for you.