Mortgage interest rates have been VERY volatile with all the movement in the stock market. Typically, when the stock market is plummeting, we see mortgage rates improve. This is because mortgage rates are based on bonds and investors will seek the safety of bonds. In the markets we recently have been experiencing, the lower mortgage rates may be available for moments before moving higher.

If you’re considering refinancing to obtain a lower interest rate, you need to be prepared to take action.

I recommend starting with having a conversation with your mortgage professional to determine what your refinancing goals are, including reviewing how long you plan on staying in your home and the amount of time it will take to “break even” on the refinance.

If you’re highly motivated, you may want to start an application so that it’s much easier to lock your rate, should it become available. This also allows us to review your credit to see if there are any actions you can take to improve your score (if needed) to help make sure you receive the best rate possible.

Last but not least, you can sign up for my rate watch program and my team and I will notify you when mortgage rates appear to be within your target range to refinance.

If you’re considering refinancing or buying a home, I’m always happy to help!