Here’s why the market conditions make it a great time to refinance.
Today we’ll discuss whether or not it’s a good idea to refinance. But before we go over that, we need to understand what’s happened in the past 18 months.
Interest rates have been the talk of the town. Last year, we saw them hit historic lows. Early in 2021, we saw rates start to rise above 3% because Fannie Mae and Freddie Mac put out an adverse market fee. This ultimately slowed down the influx of refinances. In the last month, they’ve created an immense opportunity for those that didn’t get in on the first round of refinancing by removing the adverse market fee, and now we’re seeing rates down to about 2.8% again.
Whether you’re looking to save on your monthly payment, shorten your term, get some cash out of the equity in your home, or have a home project you want to finish, now is the time to refinance. If you want to take advantage of these refinance opportunities, want to sell, or have any other questions, you can get a hold of Ali Reda at Envoy Mortgage at 612-940-6722 or visit envoymortgage.com
