Interest rates have been hit hard by the recent sell-off in Mortgage Bonds. Some products have seen a 0.75% interest rate increase in the past week alone. I think we all knew the party known as “3% mortgage rates” couldn’t last forever. Perhaps the end is near… That said, if you are in any of these circumstances, consider a refinance immediately. If it saves money, pull the trigger right away.
– You tried to refinance a year or more ago and couldn’t because of property values. Values are up huge and could put you in a position to save a ton.
– You have a good interest rate, but pay through the nose in mortgage insurance. If values have gone up, even a little, it could reduce your mortgage insurance significantly.
– You have an interest rate north of 4.5%. You just simply MUST see how much money you can save with a refi. Hey, if the numbers don’t work, then don’t do it!
Other topics discussed on today’s show:
– Why I will never go to Mexico
– They call the U.S. a “no vacation nation”, but is that a good thing?
– How to handle the crazy market action in our recent Stock FNMA
Listen to today’s show here: