I called a client two weeks ago to suggest she consider refinancing her mortgage. Rates are 1.5% lower than when she bought her single family home a few years ago.
At first, she was ecstatic and thanked me for the information. She called last week and said she thought she should wait to refinance. I asked why. She said her brother told her rates would be much lower in January.
I told her that her brother might be right. I don’t have a crystal ball and no one knows for sure. However, consider this. The mortgage loan professionals I work with every day have never, NEVER seen rates this low in their fifteen years experience.
The only way to know when rates (or housing prices for that matter) have hit bottom, is well after they’ve hit bottom and are rising. Interest rates in Honolulu were below 4.5% least week. This is a huge opportunity for current homeowners and home buyers smart enough to take advantage of it. This is a gift; take it!
