You’ve decided to take the plunge by undertaking a major home renovation project that you have been putting off. You don’t have your money in place just yet, but give it another six months — perhaps one year — and you should be able to tackle the project.
Homeowners enticed by historically low interest rates are considering refinancing their homes. This may be an option for you as well, especially if you took out a mortgage several years ago and are paying an interest rate that is at least one point higher than your current rate.
With mortgage rates still flirting with historic lows, refinancing now can help you avoid higher rates later on when inflation inevitably becomes a factor. Interest rates have been held artificially low thanks to fed action, but few analysts believe that they’ll stay this low for years, perhaps for just months to come.