Is Now the Time to Refinance? Let’s Find Your Sweet Spot
Are you waiting for the “perfect” rate to refinance? If so, you’ll find this information especially helpful. With the current market volatility, rates can fluctuate multiple times in a single day, and waiting too long might mean missing the best opportunities.
Last Friday’s surprisingly strong jobs report has caused mortgage rates to jump significantly. Rates have increased by about 0.375%, and the 10-year Treasury is now at its highest levels since early August. Unfortunately, all the rate improvements we saw before the Fed’s recent decision have been wiped out.
Rather than waiting for the elusive “perfect” rate, let’s work together to identify a target rate and fees that make sense for your individual situation compared to your current loan. I’ll guide you through your options so you can make the most informed decision.
A quick word of caution – be careful of “no cash out of pocket” refinance offers that seem too good to be true. Often, those offers roll closing costs into the loan amount, which may not always be the best deal.
Once we’ve found the right option for you, we can start the loan process and have your file ready. This way, when rates fall within your target range, we can act fast and lock in that rate.
Remember, refinancing now doesn’t mean you can’t do it again later if rates drop further!
If you have any questions or want to discuss your options, please don’t hesitate to reach out. I’m here to help you find the right combination of rate and closing costs so we can lock in the best deal when the timing is right.
The BankSouth Mortgage Advantage:
Experience the speed of ReadyApprove from BankSouth Mortgage, where you can secure conditional approval for conforming loan limits within hours. You’ll be armed with the confidence to quickly submit an offer, and the seller will see you as a serious, prepared buyer. Have peace of mind with our FREE one-time rate float-down* and no lender fee refinance options!
Take advantage of our Buy Now, Refinance Later with a No Lender Fee Refinance** option for buyers who are purchasing currently at increased interest rates. Homebuyers who started their loan application with BankSouth Mortgage on or after June 15th, 2023, and close their loan with BankSouth Mortgage will be eligible for exclusive savings. Available on primary residence only and must be used within 60 months of the close date.
*One-time float down available on 45-120 day rate locks. Float down must be executed at least 15 days prior to closing and must be at least .125 improvement.
**Must refinance after 6 months from the 1st payment date and within 5 years of the close date. Available for new applications on or after 6/15/2023. Subject to credit and property approval. Additional conditions may apply. Terms are subject to change. “No Lender Fees” only apply to origination charges.
Blog post date: Wednesday, October 9, 2024
