What if Refinance Mortgage Interest Rates Do Not Rise?
Interest rates will rise, and historically when they do it happens much faster than when they fall. In other words, you may have very little time to act. If that happens you will have left money on the table. Unless your mortgage refinance closing costs are so great that they wipe out any savings you might realize between your old and new interest rates, each month you do not refinance is a month in which you wasted money. Even if interest rates do not rise in the next few months or even by year’s end, it is better to act now than to wait, for it is unlikely that rates will decrease, while the potential downside is pretty huge–increases being far more likely. Why Might Home Values Decrease Further? Two arguments that contribute to the theory that home values might continue to decrease both have to do with excess inventory. Yet the arguments are diametrically opposed. The first argument is based on the idea that the economy may be turning around. This argument believes that homes are b
