Rush to refi as rates fall, but should you wait for lower rates?

The video discusses the current state of mortgage refinancing, highlighting the potential benefits of refinancing at lower rates, such as saving money on monthly payments. It covers the costs involved, including application and appraisal fees, and advises considering how long you plan to stay in your home. The video also suggests using online calculators to assess savings and discusses the uncertainty of future rate changes, advising a cautious approach to decision-making.

What is the current mortgage rate mentioned in the video that has led to increased refinancing activity?

• 8%

• 7.25%

• 6.5%

• 5%

What is the average closing cost for refinancing as mentioned in the video?

• $3000

• $2000

• $5000

• $7000

According to the video, what percentage of the loan amount should you plan for refinancing costs?

• 3% to 7%

• 1% to 3%

• 5% to 10%

• 2% to 6%

What tool does the video suggest using to determine if refinancing will save you money?

• A financial advisor

• A mortgage broker

• A bank representative

• An online mortgage calculator

What is the advice given in the video regarding the timing of refinancing?

• Wait for rates to drop below 5%

• Take advantage of current rates as future rates are unpredictable

• Refinance immediately to avoid future rate hikes

• Wait until the Federal Reserve cuts rates