You may have heard the phrase: “Marry the home, date the rate.” This means that if you buy a house when mortgage rates are high, you can refinance it when interest rates fall. According to Redfin, around 86% of homeowners with mortgages have interest rates below 6%. As refinance mortgage rates have skyrocketed above 6% over the last two years, most homeowners haven’t seen a financial benefit to swapping out their current home loan for a new one, causing a phenomenon called “the lock-in effect.” Instead of selling and buying a…
