With record-low interest rates over the past year, homeowners are pursuing the next phase of their homeownership journey. The hot seller’s market is convincing some to capitalize on the low inventory and bidding wars we’re seeing across the country to sell their home for more than previously possible. Others aren’t quite ready to take that step and are looking to refinance instead. There are benefits and considerations to weigh for both options to decide which is right for your personal financial situation.
Though mortgage and refinance rates remain historically quite low, rates are inching up slightly. Experts are increasingly vocal about the possibility of that changing soon. Over the past two years or so, multiple factors — including skyrocketing home values, COVID-19 migration and low interest rates — have combined to create a nearly ideal environment for homeowners looking to refinance, as mortgage rates dipped below 2% for the first time ever.