David Hochberg recommends using refinance options during
Northbrook, April 13, 2022 (GLOBE NEWSWIRE) — Northbrook, Illinois —
David Hochberg, head of financing at Homeside Financial, urges those looking for refinancing options to consider doing so immediately before mortgage rates rise further during 2022.
As of April 10, 2022, the national average 30-year fixed refinancing APR was 5.090%. This is a worrying trend that is affecting real estate prices and, therefore, home buying decisions for potential homeowners across the country. The national average 30-year fixed refinancing APR was 3.24% as of December 10, 2021. So, in just over four months, it has increased by almost 60%.
Although the rate has increased significantly in a short time, experts believe that this is not the end of the trend. This surge contrasts with what analysts predicted last year. In 2021, most industry pundits had pegged the federal mortgage and refinance rate at around 4.5% by the end of 2022. However, it had already crossed that threshold barely a quarter into the news. year. Rising oil prices, the specter of inflation and the ill-timed war in Eastern Europe have pushed home and mortgage prices out of reach as the country enters unpredictable times. It is now generally accepted that there is no guarantee how high refinance rates will be at the end of 2022 and that they will increase for the foreseeable future.
Readers who want to learn more about how David Hochberg and his team can help them find the best home refinance deals during these tumultuous times can check out this news article.
CNBC managed to ask Matthew Graham, COO of Mortgage News Daily, about his thoughts on the future of mortgage rates and he gave them a quote that read, “Rates have a small chance to plateau before reach 5% and a good chance of capping before reaching 6%. It’s a rapidly moving target in this environment, where we find ourselves rightfully and unexpectedly having to worry about inflation for the first time since the 1980s.”
Homeside Financial’s David Hochberg also has some strong opinions on rising mortgage and refinance rates and has some words of wisdom for those currently considering home refinance. David says, “If you’re refinancing, it means either you’re looking to pay off existing debt to get better terms, or you’re trying to consolidate debt. Although you may have put your refinancing efforts on hold given the current state of federal rates, you may be in a situation where you need to refinance now to relieve yourself of any financial obligations you have. If you plan to wait, the short answer to your predicament is that there’s no telling when rates will start falling again. However, it is safe to say that this will not happen until the end of 2022. Ultimately, only you know the current state of your finances and only you can be the judge of how long you can delay the inevitable. However, given the current circumstances of the country’s economy and global geopolitical events, I would recommend that you take care of your existing debt by refinancing it with the rates currently available to you. Waiting will most likely get you a bad deal in the future if you’re not prepared to hold out for a while in hopes that rates will fall back to where they were towards the end of 2021.”
David Hochberg has been very active and successful in Northbrook real estate for several years now. He hosts a radio show on WGN Radio where he answers real estate and mortgage questions from listeners. He is also Vice President of Lending at Homeside Financial. David Hochberg also has a special relationship with law enforcement, as his office offers a $400 discount to all first responders, including sworn police officers.
Readers can refer to this news article to familiarize themselves with his services and years of experience in the Illinois real estate industry, particularly his work assisting veterans.
For more information on David Hochberg, contact the company here:
3100 Dundee Road, Suite 906
Northbrook, Illinois 60062