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If you were betting that mortgage rates were going to drop lower, you may be disappointed with today’s news.  The average rate on a 30-year fixed mortgage jumped to 4.39% from 4.17% according to Freddie Mac.  Freddie Mac also predicts that long-term rates are heading higher on signs of an acceleration in the economy.  There’s no question – the time to refinance is now.

While mortgage rates are still hovering around historic lows, the signs of an economic recovery are there.  As mortgage rates continue to tick upwards, it’s important to remember why RIGHT NOW (not a week or a month from now) could be the best time in history to complete a mortgage refinance:

1. Interest rates are on the rise – Long-term mortgage rates went up for the first time in eight weeks, and it looks like they are going to keep climbing.
2. Credit requirements are going to get more restrictive – As credit standards get tighter it’s going to get harder, not easier, to complete a refinance in the future.
3. The housing market is going to continue to struggle – Home prices are falling which means you may be losing equity in your home the longer you wait.

Do not miss the boat on this historical opportunity.  You don’t want to be left in the dust as mortgage rates skyrocket and get stuck with a high interest monthly mortgage payment.  Get in touch with a Home Loan Expert today and find out what refinancing opportunities are available to you.

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