Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
Is a 1% Drop Enough to Refinance?You’ve probably heard the old rule of thumb: “You shouldn’t refinance unless interest rates drop at least 1%.”
But is that actually true in today’s market?
If you bought your home when rates were 6.75%—or anywhere in that 6–7% range—and you see them dipping into the low 6s or high 5s, you’re likely wondering if that move is enough to make a refinance worth the effort. [Read more…]
If you bought your home in the past few years and your interest rate starts with a 6… or maybe even a 7… you’re not alone.
One of the most common questions I’m hearing right now is:
Last week I had fun creating a spoof where I’m consoling a drunk racoon, Rocky. Rocky has the blues because he decided to chase a low rate with an online lender and now his home purchase transaction is on a rocky road. All joking aside, I actually have saved several purchases where clients who first opted for an online lender with a slightly lower rate discovered that the loan officer and their lender could not close their transaction. It’s easy to promise a low mortgage rate but that low rate doesn’t matter at all if your transaction doesn’t close. [Read more…]
Mortgage rates are trending lower following the weak jobs report on Friday. Check out this week’s episode of The Mortgage Porter to learn what may impact mortgage rates and a common myth about when you should consider refinancing.
If you’re thinking about buying a home or refinancing your home, please reach out to me! I’m always happy to help you or anyone you know! Let’s talk!
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.
