When is the best time to refinance your mortgage? It can be a daunting task to predict if rates will continue to decline, or are you running the risk of them going up?
The truth is it depends on you.
I’ve seen people who refinanced in late 2019 take another swing as rates continue to decline., remember that your mortgage is a long-term commitment so take advantage of the market when you can.
The federal reserve has indicated they will keep prime rate near zero until they are confident the economy is improving. The economy likely won’t improve until the Covid 19 pandemic is under control. Since there is no clear picture of when that is, I may be safe to assume rates will remain low for a while. I would not ride the market forever though because eventually you will miss an opportunity.
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