Debt Free Diet

This week the home mortgage rates have crept back down to around the 5% area. This may be a great time to refinance if you haven’t already. These low rates will not stay like this for much longer in my opinion. Over the next year or so I believe they will be a couple of percentages higher as the rates creep back up to combat inflation. We may even see rates up in the 8-9% range in the coming years. This is not far off the historical averages, but as people have gotten accustomed to the low (sub 7% ) rates it will be harder for people to get used to once again. People may also look at a 15 year loan which is actually sub 5%. This would help you pay the minimum amount of interest and pay off your mortgage a lot quicker.