Interest rates are rising fast. The Year 2020 was a real nightmare for most people but the one silver lining is that we’ve experienced record low interest rates for almost a year.
Unfortunately, inflation is starting to catch up with us, which means interest rates are rising.
- For Regular mortgages such as the 30yr fixed, we’ve seen jumps of .5%-.75% just over the past month.
- For Reverse Mortgages, we actually haven’t seen a jump in our interest rates yet. But Reverse Mortgages also deal with the “Expected Interest Rate” which is FHA’s way of forecasting what the interest rate will be in the future for Reverse Mortgages. The expected interest rate has jumped over 1.5% in the past two months.
What this means is time is running out to refinance your mortgage to improve the terms. If you’ve been sitting on the fence waiting for values to go up or rates to go down then I highly recommend you take action asap. If rates continue to rise it won’t matter how high your value goes. You will lose the opportunity to access more cash or reduce your interest charges.
Email me today if you’d like us to look at your options again before rates go any higher.