5 Factors That Affect Your Refinance Rate
With mortgage rates on the edge of record lows and inflation on an upward trend, you may be wondering if it’s time to refinance your mortgage. However, you shouldn’t let a low refinance rate and concerns of high inflation be the deciding factors. The final decision to lock in a low refinance rate should take your personal financial condition into consideration. That said, with U.S. inflation maintaining its upward trend, it’s likely that mortgage rates will soon follow.
National averages of the lowest rates offered by more than 200 of the country’s top lenders, with a loan-to-value ratio (LTV) of 80%, an applicant with a FICO credit score of 700-760, and no mortgage points.If you’re thinking of refinancing, it’s crucial to understand the various factors that affect the rate you receive. Understanding these factors is the best way to narrow your options. It allows you to select the best refinance loan that makes sense for your financial situation.