As mortgage rates shoot past 3%, homeowners need to act fast before refi savings slip away

October 19, 2020

7 min read

Mortgagerates continue to accelerate, rising for the third week in a row and hittingtheir highest level since April, a widely followed survey shows.

Butit shouldn’t come as a surprise. Americans have been warned of furtherincreases as the economy has shown improvement. And with rising consumerconfidence and falling COVID-19 cases, anyone who thinks rates may dip backunder 3% is probably in denial.

Dependingon what happens at next month’s Federal Reserve’s meeting, homeowners may bekicking themselves for not refinancing their mortgage sooner.

Ifyou haven’t refinanced into a lower rate yet, there’s still savingsto be had for homeowners who bought when rates were a lot higher.