NORTH DAKOTA (KXNET) — Interest rates went up a lot this year, much higher than it has in recent years.
However, we are starting to see a drop in interest rates as we enter December.
According to Bankrate’s latest survey, today, the national average 30-year fixed refinance interest rate is 6.61%.
The average 15-year fixed refinance interest is 5.92%.
Homeowners and landowners usually wait until interest rates drop before refinancing their property.
And right now, they are going down slowly.
2020 and 2021 ushered in a refinance boom, when homeowners took advantage of rock-bottom rates.
However, if you come across money from an inheritance, or receive substantial equity, you might have an opportunity to benefit from a cash-out refinance or a home equity loan.
Overall, refinancing will be a less attractive option as rates climb.