Refinancing is usually done for one of two reasons – to lower the rate or to obtain cash out of your equity. Some wish to refinance out of Mortgage insurance, but please talk to me before you make this decision, as it may not make sense financially for a few different reasons, and I would like to make sure it’s in your best interests.
Rates change every single day (usually only a tiny bit) but no one knows exactly where they will be the next day or week or month. We currently have historically low rates since before the housing market crash the average rate was in the 6-7% range. Following the last savings and loan bail out in the early 80’s we had horrible rates topping 15-18% percent. Rates can vary a lot depending on your loan type, purpose, credit scores, loan term and loan to value.