Financial experts say mortgage rates are rising, so is now the time to refinance?
BIRMINGHAM, Ala. (WBRC) - Mortgage rates are up and still rising as inflation continues to spike the costs of goods and services.
Senior Advisor with The Welch Group, Marshall Clay, said just a few months ago, you could get a thirty year fixed rate home mortgage for a rate of 2.875. But, the latest numbers are already 4.25, and expected to keep going up.
Clay said you may have missed your window to refinance this year to lock in a low rate and you should wait until rates trickle back down.
But, if you’re still planning to refinance, he said you may want to do it now before rates go up even higher. Clay said it could even be around five percent in just about six more months.
“If you are out looking for a house, you need to expect little bit higher rates on those mortgages particularly relative to four, five months ago,” Clay said.
Clay said a good rule of thumb for refinancing is only if its a one percent difference in rates and you’re looking to stay in the home for at least three years.
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