Refinancing - 5/08/2021
May 8, 2021
I have been reminding homeowners periodically to take advantage of the very low mortgage interest rates and consider refinancing. REALTOR® Magazine recently published an article by Lending Tree entitled, “More than a third of owners regret not refinancing earlier.” The article states that, “36% of homeowners who missed the 2020 refinance wave say they regret not taking advantage of the lowest rates ever, according to a new survey of 1,210 homeowners from Lending Tree.”
Lending Tree wrote that millennial homeowners were the most likely to refinance their mortgage during the COVID-19 Pandemic. 42% percent of millennials, 18% of Gen Xers, and 10% of baby boomers have refinanced their mortgage within the last year. Freddie Mac reported last week that over a third of homeowners have a 4% mortgage rate or higher. With 30-year fixed rate mortgages averaging 2.98%, now is still a good time to refinance and shave thousands of dollars over the life of your loan. Refinancing also allows homeowners to cash out some of the equity they have accrued and pay off other bills or make needed home improvements.
“To accomplish great things, we must not only act, but also dream; Not only plan, but also believe.” -Anatole France
David Gerke
Broker
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