Rates went up, good for refinancing

As crazy as it sounds the increase in fixed mortgage rates is a good thing so some mortgage holders.

These are the people who want to refinance but as rates were coming, they came down fast and timing was everything. By the time they were ready to do the refinance some of the penalties were too big and they did not make sense financially. Now as rates slowly move up we maybe able to do something for those clients. It is all about the interest rate differential (IRD) and even a small increase in fixed rates can save you on the penalties.

If you have a mortgage and the interest rate is over 5% you really should have someone run the numbers and see if it would be worth redoing you mortgage. There are still lots of people out there who are paying well over 5% and it is time to save them some money.