BIG Drop in Mortgage Rates: Should You Refinance?
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- Опубліковано 6 жов 2024
- NEWS ALERT: Mortgage rates in the US just plunged to the lowest levels since early-April 2023 (i.e. nearly a 1.5 year LOW). This is a huge improvement from the 8% we saw in October 2023.
Therefore, given that mortgage interest rates have been coming down, how do you know if this is a good time to refinance your mortgage loan? In today’s video @meetjimblack and share how to evaluate whether or not you should refinance using a free tool.
Apply to a mortgage loan here (Jim Black is licensed in CA, TX & OR and Jason Walter is licensed in CA only): revesthomes.my...
Free refinance calculator (same one we went over in today’s video):
fidelityagent....
Or, schedule a free consultation with Jim Black and Jason Walter here:
calendly.com/d...
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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Free refinance calculator:
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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 #mortgagerates #mortgage
Apply to a mortgage loan here (Jim Black is licensed in CA, TX & OR and Jason Walter is licensed in CA only): revesthomes.my1003app.com/2566691/register
Or, schedule a free mortgage loan consultation with Jim Black and Jason Walter here: calendly.com/d/cmmc-xv2-xx9/jason-and-jim-real-estate-review
If you can’t wait one year for interest rates to lower numerous times you really must be hurting for a lower payment.
I wouldn't be so sure.. FED cuts and mortgages rates will not go down 1:1.. if the FED cuts 100 basis points mortgage rates will not go down by 100 basis points. FED easing is already priced into the bond market. The 10 year UST already down 130 basis points off its October highs. The 10 year will retreat somewhat on FED cuts but not by much.
@@jonathantaylor6926 I’m in agreement with you, but others are so confident that rates will lower more and yet they want to refi now.
Long Term rates will not plummet like they did during Covid, they will slowing go down and borrowers need to make the choice which is right for them. For example I had several clients miss the lower rates in March of 2022 because they believed they would go back down from 4.75% to 3.0%. Fast forward 6 months, rates were over 6.75%. So everyone needs to make their own decision and evaluate what the value is to their goals. There is no one size fits all decision , which is why I love being a Loan Officer. Thanks for sharing
@@jonathantaylor6926That’s funny because when they hike rates, it sure went up like crazy.
Hi there that's me. It's a struggle at 7.625
I just bought a house in May of this year and my mortgage rate was 7.32%. Would you recommend refinancing by the end of this year or continue to wait and refinance next year? Thoughts?
you’d be dumb not to refinance
Why not refi now and again in a year?
Bro:
"I'm an expert in this field"
Also Bro:
"Over-the-counter rates"
Good morning Jason & Jim!😊
Good morning!!
They lowered rates in 2008 too 😅
Exactly!!
@@Gadfly2025 2008 had over inventory. 2024 has low inventory.
@@iishyxvietxboyii1 let’s see , could change too
No. Hold off. Wait till at least 2025 and revisit
Thanks Jason and Jim!!
You bet Eddie!
Expectations for future is higher property tax,insurance and cost of living. Yup!! We are golden🤦🏽♂️🤦🏽♂️🤣🤣🤣🤣🤣come on people buy! Buy buy….
Hurry ! Hurry ! Don't miss out ! 😀
You guys remind me of people I knew from San Diego who didn’t buy in 2016😂. The same complaint “prices are too high it must crash”. Those houses that were priced at 500k in 2016 are at least 1.2M now. I’m like I told y’all it’s going to look like a bargain price 5 yrs later😂
Should’ve, would’ve could’ve 😂
@@House_hacker_6191.2 in San Diego? You must really live in a total p.o. S. Sorry.
@@House_hacker_619 the only reason houses are $1 billion is because the feds injected money into the system if they would’ve let everything fall the way they should’ve we would’ve already gone through the recession and we would’ve been golden by now, but all they did is kick the can down the road and put us all in debt. This is all fake and the truth is that reality is going to hit us all in the face when this comes crashing down.we are (table topped) right now just like an 08 before it wentdown. Best luck to everybody out there, but I am not a sheep all the real estate. I am going to buy on the bargain is not for me. It’s for my kids so I could wait no problem.
Yes !!yes!! ATM’S are open again 🤦🏽♂️🤦🏽♂️🤦🏽♂️🤦🏽♂️people are going to get wrecked 🤷🏾♂️👎🏽🤦🏽♂️
But but !! The consumer and economy have never been this strong !
Um....Umm..Oh yeah !! If You don't buy now You will never be able to afford a home again !!
"Says every financially stressed realtor/investor".
😀
@@robertjones2282 this is a funny one. Yes, those Financially stressed realtor/investors are pretty easy to see and avoid. Always make a choice for YOU and YOUR GOALS, no one else matters. Banks want to make money for their best interests, they are not necessarily focusing on your best interest. Work with trusted local professionals is a great way to make sure you are getting real information and data to make a great decision.
Wait 9-12 months and the rates will be ~1 percent lower than the 'current' (Sep 8, 24) rate.
Thanks for your comment. Why do you think this? In my opinion, future rates are going to depend on incoming data on inflation and jobs market. If the jobs market slows more than expected and/or inflation rate winds down more than projected, then we should see mortgage rates come down. In contrast, if more jobs are added than what's expected, mortgage rates could increase. Big picture: no one knows what will happen so no sense in trying to time the market.
@@PelicanIslandLabs we’ll be lucky to see 4 percent.
Hi Jason, im planning to refinance my mortgage. I have 6.5 rate and believe i have good equity now and try to get some money to pay my credit card debt. let me know what advice you can give me. is Jim Black I personally to contact?
Thank you for your question. The best thing to do would be to schedule a free consultation with Jim Black here (I’ll try to be there too. The call is only 10min max long): calendly.com/meetjimblack
This assumes you have equity. Many homes are worth less than when purchased; add a new vehicle loan, and you're S*** out of luck.
Nationally speaking, equity is close to a record high. Based on a report from Corelogic for Q1 (most recent report), negative equity represented only 1.8% of all mortgaged properties. "Negative equity peaked at 26% of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis which began in the third quarter of 2009." Also, "CoreLogic analysis shows U.S. homeowners with mortgages (roughly 62% of all properties*) have seen their equity increase by a total of $1.5 trillion since the first quarter of 2023, a gain of 9.6% year over year."
1😊
Good morning Steve!
🤙🏽