In the latest news on mortgage rates, rates rose over the weekend. The average 30-year fixed-mortgage rate is up by 6 basis points from 3.98 percent. It now sits at 4.09 percent. According to calculations, under the current average rate, you will have to pay $482.62 for principal and interest for each borrowed $100,000. Here in Utah, average rates dropped from 4.11 to 4.09 percent.
Projections for 2017
With ever rising average mortgage rates in Utah, you may feel that you have to apply for a refinance soon. You still have enough time to mull it over as average interest rates are projected to stay under 5 percent this year. Nonetheless, you can start shopping for refinancing with low mortgage refinance rates.
A Steady Rise
Do not take too long to think refinancing over, however. Rates are expected to rise steadily for the rest of the year. You can still prepare, research, and catch low rates within January or February. Waiting until the second half of 2017 may prove unwise.
Dips in Rates
You can start filing your refinance application as early as now, but, in spite of the previous advice, you can also hold off on locking in at a rate. A dip in rates is still possible in the future. You may want to catch these dips in rates, which is why having your application ready can be handy.
Experts, articles, and blog posts continue to reiterate the next piece of advice because of its crucial role in mortgage applications. You need to keep your credit score in tip-top shape. You can improve your score further through on-time bill payments, credit report checks, and credit far below your credit limit.
Best Refinance Options
When refinancing, you can either refinance to a shorter term or to an adjustable-rate mortgage. An ARM can be beneficial because of the possibility of lower initial interest rates. There are drawbacks to an ARM, however. On the other hand, a shorter term can help you save money.
With these pieces of advice, you can still take advantage of the historically low mortgage rates of today.