Cashing in on the decline of interest rates can give you the best mortgage refinance deals, but can this happen all the time?
Lock and luck
The interest rates of mortgages saw a decline in four successive weeks in August of 2007. If you were waiting to lock in your interest rate for your mortgage refinance loan, this was the best time to do it. Bear in mind that the market will always be fickle and there is no singular best mortgage refinance interest rate.
If you are home buyer and already purchased a house, youre just in time to cash in for the lock. You would have gotten savings with the best mortgage refinance interest rate for as much as 5.81%, which is lower by .53% than last years average high of 6.34%. The borrowers were in luck to lock their interest rates at that very opportune time and if that fates smile down on you, you just might be next. You could lock in a low interest rate during the first 30-45 day period of your mortgage refinance loan, only to find out there is a much lower rate the next month. Currently, the trend is showing a decline but market analysts are predicting a rise after 12 months.
What good is locking...
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