Mortgage rates have dropped inciting refinancing activity. While often this gives the homeowner a lower monthly payment, keep your eye on the prize.

Refinancing for a lower payment can be a great idea. But please do the math. The closing costs incurred may not be worth it, especially if you are already on track to pay off your home.

Reduction of monthly payments is not the only consideration. Paying off the mortgage should be a top priority. Extra closing costs could particularly be a problem and spreading the mortgage out another 30 years may not be the way to go.

However, if you can save on interest (once closing costs are considered) and get a shorter term loan, a refinance may be right for you. But take everything into consideration. Do the math, conduct your due diligence. It does take extra time but be efficient and thorough with your research before jumping in with both feet.

The 15-year fixed-rate mortgage fell six basis points to an average of 2.29%. The 5-year Treasury-indexed adjustable-rate mortgage averaged 2.83%, up three basis points from the previous week. If you have a mortgage paying a higher interest rate, it may be worth considering a 15 year mortgage just to be done completely and have your home paid off sooner.

Why the drop in rates? The drop in interest rates reflect a shift back toward long-term bonds. Mortgage rates roughly follow the direction of long-term bond yields, particular the 10-year Treasury note. “After a sustained selloff in 2021’s first quarter, demand for Treasuries has increased recently, keeping downward pressure on yields and thus mortgage rates,” said Matthew Speakman, an economist with Zillow, according to a Market Watch report.

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    Do not solely rely on an interest rate drop to make ends meet. Cut living expenses and diligently attempt to pay off your loan. If things get worse economically, central banks are poised to issue digital dollars that will be tracked and traced. That will not bode well for freedom and if you are not beholden to anyone for payments, you will able to be have the peace of mind of being able to consider other option before accepting their central bank digital dollars.

    Please remember too, if there is success with a digital dollar, it will be fully centralized, and all facades of privacy will be permanently eliminated.

    Other things to consider if you choose to not participate in the new fully digitized and centralize fiat currency will be investments in other items, such as gold or silver. Copper could also be lucrative.

    Preparedness for an economic problem is multi-faceted, but learning, growing, researching, and applying your own critical thinking will take you far when making decisions that affect you financially.

    Money is just money. You cannot take away skills or information once it is learned. Stay focused on the overall goal and make the decisions that are right for you and your family. If you can, consider helping others that may also need help during these insane economic times. If nothing else, it will be good for your soul.

    Best Regards,

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