Homeowners who purchased in the last year or so could drive themselves nuts trying to find the perfect time to refinance. After all, it hurt bad enough to miss out on those once-in-a-lifetime low rates of 2020 and 2021, and it’s hard to pull the trigger when refinancing today could potentially mean missing out on even lower rates next week.
This week was a great example of how much mortgage interest rates can change in a short window of time. The 30-year fixed-rate mortgage rate spiked 21 basis points to an average of 6.4%. That’s a whopping 51 basis points more than in the week ending Sept. 19, immediately following the last Federal Reserve meeting. A basis point is one one-hundredth of a percentage point.