Mortgage Rates Plunge: Should You Refinance?

Mortgage rates just plunged to the lowest levels since mid-April 2023. They have also fallen by around 75 basis points or 0.75 percentage points in the last month alone when 30-year fixed rates were over 7% on average. So, is this a good time to refinance your mortgage loan? In today’s video @meetjimblack share how to evaluate whether or not you should refinance.

Thank you for watching the video! I appreciate you. Please like, share this video and subscribe! See below for links to the reports I covered.

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Compilation of Housing Market Forecast videos:

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30 yr fixed mortgage rate is around 6.4% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 02174879, NMLS 2362319).

For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Equal housing lender.

#refinance #housingmarket #mortgage

[careymoore]

My rates was 6.625 in March 2023 when I financed my house I would love if they went down to 4.5 or lower

[joesmith]

A lot of tricky paperwork that makes it look good is involved in this. Be careful you got a good deal. If you don’t understand it take it to someone you know or go to a real estate lawyer and pay to get it explained. Refi can be amazing but it is slightly scammy right now.

[crystalfuentes]

It's nice to see you guys together again!! Thanks for the info guys.

[anthonybanks]

If folks can hold on, I would wait and see what happens. Market is overreacting and hoping for 50bps cuts and an emergency cut from the fed. This could help lower mortgage rates even more and set up the opportunity for really good savings. However, we've seen a good number of stories of many homebuyers either delinquent or having a hard time staying above water financially. For folks in that situation it would make sense to refinance now and use the cash to help pay off other bills to get back afloat.

[mattanderson]

Brilliant discussion, thank you both!
Excellent

[genxtechguy]

At the time, just over 2yrs ago my rate for my new condo was 5.1%. I was horrified by it. Now, I’m not so sure it will ever go below that again.

[MVDreports]

I missed you two getting together, definitely should wait out to the fall, because the economy is slowing and only bankruptcies will rise, should keep causing rates to fall. Just my .02. Thanks for the video fellas!

[NNNn]

Buying a home with a mortgage is often misleading when described as an investment. Mortgages can make U.S. citizens work tirelessly, only to become exhausted. Meanwhile, the government and capitalists are taking people's money. This is unfair, but no one seems to listen.

[iishyxvietxboyii]

How TF mortgage rates plunged? It barely went down.

[mikel]

my credit union has their own mortgage loan. 8, 10 or 12 year fixed. $99 total closing costs. Total. $150 to redo it. I did a 12 year at 2.85 in 20, then changed to a 10 year at 2.45 in 21. awesome program, if you can afford it. Current rates are 6.2 to 6.4% depending on term, but expecting them to align more with the mortgage rates they offer eventually.

[vanessawilliams]

You have 14 days to apply with as many lenders as you want and all those inquiries will count as 1. Credit score won’t drop 100 points just because you’re shopping around for the best rate and/or lender fees. Referred to as mortgage credit pull window.

[robertjones]

The average consumer is more concerned if they will have a job by the end of the week.
It's a blood bath today in the markets.

[anjummalik]

They are giving wrong advice to get business

[kimtruesdale]

Good afternoon, Jason! I'm catching up

[Courtney-Alice-Gargani]

If you’re locked onto a 2.8% rate, I don’t see the point unless you need that money from the equity.

[anjummalik]

Are you out of your mind to refinance rt now ? Rate will go down further.

[Steverz]

Welcome back the man the myth & the legend Jim Black! Great morning Jason Walter 😊

[mplscarsales]

ClearVue Tax already said rates will just keep dropping from here on out so better to wait it out they dropping more in September and more 2025 and 2026

[jamesgaffney]

Don’t refi. FED has not even lower the federal funds rate yet be patient annual obtain a much larger savings down the road it’s not speculation it’s a reality. All rates have recovered throughout history just like they were all on this time around.

[House_hacker_]

If you have VA, USDA and FHA with 6.5 and above who bought within 2 years. I highly suggest you consider refi to streamline or VA IRRRL