Low mortgage rates mean now is the time to refinance

According to U.S. News & World Report, now might be the perfect time for homeowners looking to refinance their homes and take out mortgage loans. With mortgage rates dipping below five percent for the first time in history, more people than ever are taking advantage of the refinancing options available to them.

The Mortgage Bankers Association said in mid-October that interest in taking advantage of refinance mortgage rates jumped almost 18 percent in just one week, reaching its highest level since May. The historically low mortgage rates are one reason for this sudden interest – after rising back up to near six percent in early summer, the rates have fallen to the five percent threshold. This has caused homeowners who thought they missed their chance to refinance to jump at opportunities before the rates rise again. With the current market instability, this could mean that now is the best time to refinance a home mortgage in years.