It’s certainly a bad time to refinance your mortgage. Rates for 30-year-mortgages are the highest they’ve been in decades. But not too long ago, during the 2020 pandemic, rates dropped to below 3%, and it was a good time to refinance.
About $14 trillion of outstanding mortgages were refinanced then. Lenders did well and built strong cash positions on their balance sheets. Most consumers also did well, locking in low fixed-rates that will cushion them through this cycle of high interest rates and inflation.
But…
