Imagine receiving a gift and having it taken away before you even had the chance to unwrap it. This could be happening in the very near future to everyone who is about to miss this amazing refinance opportunity.
Rates are incredibly attractive and provide you with an opportunity to save a very meaningful amount of money on your mortgage every month. But any positive news about progress on the pandemic will likely cause rates to move higher. In addition, the Federal Reserve has told us that they will be more lenient on inflation. This is important because higher inflation causes Mortgage Rates to rise.
There’s a good chance inflation will continue to move higher, especially as the economy recovers. Demand for goods and services will increase first, but supply and labor will likely lag for a period of time, causing prices to rise. This potential spike in inflation could mean that Mortgage Rates will become less attractive. And they don’t need to move dramatically for the gift of low rates to be much less beneficial.
Don’t wait, call me today, and don’t let anything take this gift away from you. I’m Christopher Graves and that’s this week’s Mortgage Minute.