The lack of vaccine doses and evidence for its efficacy has caused the mortgage rates this week to stagnate while the economy yet again attempts to determine the magnitude of the effect COVID-19 will have on the housing market.
As a direct consequence, mortgage rates have not changed much from their slight rise last week.
Though this may seem promising, as a form of delaying your decision on whether to set down and lock in your mortgage, it really isn’t, due to the rising price of houses.
According to one of Bankrate’s recent surveys, many homeowners have not yet refinanced their mortgage payments, and as always, the experts predict that the mortgage rates will soon follow the housing prices up.
Though they have been saying that for the past few months, with varying degrees of accuracy, it’s important to keep in mind that regardless of when the rates will return, refinancing is a process you should not wait for; especially with the market as turbulent as it currently is.
With fewer people applying for refinances, the entire process now takes a significantly shorter time than it’s peak in 2020.
While shopping around and taking your time is usually a good idea when discussing mortgages, whatever deal you can currently get is likely the best one you’ll receive for quite some time, with the chief reason being the slowly rising rates as our lives begin to return to normal.