Some bad news for refinancing
Rates have risen quite a bit recently, due to the market’s concern that there will be increased spending, debt, and inflation. The 10-Year Treasury yield is now at its highest level in a year. How can this happen when the Fed Funds Rate remains at zero? Let’s remember that the Fed Funds Rate and Mortgage Rates are two very different things.
And even though we’ve seen a move higher in mortgage rates, they are still near all-time low levels. It may still be very advantageous to consider refinancing in order to save money each month. Additionally, this could be a great opportunity to consolidate your debts and reduce your mortgage term because of the widespread increases we’ve seen in real estate values.