Everywhere you turn right now, there’s a new wave of hype about mortgage refinancing. That’s all thanks to the Federal Reserve dropping interest rates by half a percentage point at the beginning of March 2020 and then dropping again mid-month to between 0–0.25%.1,2 Zero percent is pretty attention grabbing, but keep in mind that it doesn’t mean you can get a mortgage with 0% interest (wouldn’t that be nice).
All of this interest-rate shifting is in an effort to boost the economy in the middle of the coronavirus or COVID-19 (you’ve probably heard all about that, haven’t you?). Lower interest rates are great and all, but how do you know if it’s the right time for you to actually refinance?
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