If refinancing your mortgage has been on your to-do list, there’s no time to waste anymore.
Mortgage rates have jumped to their highest in a year – hovering at close to 4 percent for a 30-year fixed mortgage. With house values rising, those who have waited to build enough equity in their homes to qualify may find the time is right.
If you are looking to buy a house, you should still consider yourself lucky, even though rates are no longer at rock-bottom. Jump on the right opportunity, brokers say, and as soon as you go to contract, lock in your rate and don’t look back.
“I put them through immediately when I get a signed contract,” says Ryan Minick, a mortgage adviser at LeaderOne Financial in Kokomo, Indiana.
Most analysts think rates will continue to trend up. The rise may be gradual at first, but you never know with interest rates. So don’t panic but have a sense of urgency, says Valerie Saunders, a mortgage broker in Tampa, Florida, and board member of the Association of Mortgage Professionals.