If you have been considering a mortgage refinance on your home loan in LA, you may want to think about moving forward with your application.
You might be aware that mortgage rates bottomed out in September 2019. Since then, they have been gradually rising, with a lot of ups and downs along the way.
As of November 14th, Freddie Mac reported that the 30-Yr FRM was up to 3.75%. But, as described in a recent newsletter, rates were dropping right after Freddie Mac finished gathering its data to release that figure. That isn’t reflected in the rate Freddie Mac posted.
Regardless, if you compare the interest rate for the 30-Yr FRM as well as other fixed and adjustable-rate mortgages to last year’s data, you will see that rates are still a lot lower than they were previously.
What Should You Do?
If you are still paying a higher interest rate on a mortgage you took out in the past, you probably are looking with envy at today’s comparatively low rates.
With a refinance on your mortgage, you could lock in today’s low rates for the duration of your loan term. Over the years ahead, that could add up to significant savings.
You might also be able to take advantage of this opportunity to make other adjustments to your home loan, for example:
- Switching to a fixed rate from an adjustable rate, or the other way around.
- Extending or shortening the term of your mortgage.
- Switching from one type of loan (i.e. an FHA loan) to another (i.e. a conventional loan).
- Changing the terms or fees that govern your home loan.
If you want to lock in the most competitive rate, you will want to keep a very close watch on mortgage rates throughout each week.
Getting data that is truly current (more current than what Freddie Mac releases) and interpreting that data can be a challenge if you are not deeply familiar with the real estate market and the forces which influence mortgage rates.
Let Us Help You Refinance at a Competitive Interest Rate
We have years of experience closely monitoring mortgage rates and have a solid feel for what is taking place with the market.
If you haven’t already, we recommend signing up for our newsletter, where we keep subscribers up to date on current mortgage rates and provide a detailed analysis of what rates are doing.
If you are ready to take the next step toward refinancing your Los Angeles home, please give us a call at 818-601-2231. During your consultation, we can discuss your refinancing goals, and we can help you identify the ideal time to lock in a competitive rate.