The question should be WHEN is your best rate.


Everyone wants the best mortgage rate.   I have never had a client call me and ask, “Hello.  I am shopping for a mortgage and I would like a mediocre to slightly higher than market interest rate for my mortgage.”  It is universal.  We want what is best.  We want what is best for . . . us.  And in this economy, every dollar really does count.  But when shopping for the best rate on a mortgage, the question is not necessarily where you can get the best rate, but when you can get the best rate.

With the US Treasury continuing to pour billions of dollars in to the mortgage backed securities market each week, right now could be the best shot at locking-in on a great, crazy-low mortgage.  Mortgage rates are at or within a 0.25% to 0.5% of the lowest rates in the history of the country . . . in the history of forever.  If you are needing to refinance your mortgage — and are able to refinance based on your credit, appraised value, etc. — you need to start the process soon.  With the US Treasury planning on staying in the mbs market until July, eventually (and probably sooner than the average consumer will expect), eventually, mortgage rates will go up.  I told a few clients (half-jokingly), “you will know that interest rates have hit their lowest point, because the next day they will go up and never come back down again.”

Here is a little refinance advice:  once you know that you are able to refinance, be ready to make a quick decision when your target rate is available.  The market can change within minutes and waiting an extra hour or two to make a decision could cost you a 0.25% in rate.  Also, make sure that you are working with a professional that watches the mortgage-backed securities market.  Monitoring this market gives the mortgage professional insight on exactly what lenders are watching to price rate sheets each day (and to issue re-prices to those rate sheets as the market improves = lower rates, or as it deteriorates = higher rates).  If your mortgage professional does NOT have access to this information, or is watching the bond market to give you advice, you might as well be asking your magic eight-ball for advice.


Granted . . . this one seems quite accurate.

To find out WHEN you should refinance, give me a call or send me an email and I’ll set you up with a great tool to monitor your mortgage so you can keep an eye on daily mortgage rates and even to be alerted when your target rate is available.

The question isn’t IF you should look in to refinancing your mortgage, it’s a matter of WHEN.  And the answer . . . you should look in to refinancing right now.


Jeffrey Pinkerton is a Mortgage Consultant and President of Hillside Lending, LLC and writer for “the Mortgage Blog.”  Hillside Lending seeks to provide mortgage brokerage services with the highest standards of service, care, honesty, integrity and value; concentrating on owner-occupied, residential financing.  For more information about available programs and interest rates, please visit

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