This is an excellent question and here are some things to consider when choosing to refinance or to hold off:
- Even though Mortgage Rates are slightly higher than their all-time lows, it may still be very favorable to refinance. In many cases, you can significantly reduce your monthly payment and reduce costly mortgage insurance.
- It might be tempting to play the market and see if interest rates come back down to their all-time lows. But even if they eventually did, you could have been banking significant savings by refinancing today. It will likely take several years before a potential lower rate in the future would catch up to the savings you could start seeing right away.
- In addition, home prices continue to move higher as the Wall Street Journal reports. So if you are thinking about selling and buying a different home, it might cost more than refinancing your current mortgage or doing a cash-out refinance and adding an addition onto your home.

There is no guarantee that rates will move lower, so call or email me to see how much you could save by refinancing now.