Interest rates are rising fast. The Year 2020 was a real nightmare for most people but the one silver lining is that weâ€™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.Â
- For Regular mortgages such as the 30yr fixed, weâ€™ve seen jumps of .5%-.75% just over the past month.
- For Reverse Mortgages, we actually havenâ€™t seen a jump in our interest rates yet. But Reverse Mortgages also deal with the â€œExpected Interest Rateâ€ which is FHAâ€™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 youâ€™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 wonâ€™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 youâ€™d like us to look at your options again before rates go any higher.