| Time may be running out to save thousands of dollars on your mortgage -- and you may not get another chance at these rates for a long time. The Fed’s meeting this week could be the beginning of the end for record low mortgage rates. - Forbes says “Mortgage rates are heading higher as Fed plans bond taper”
- The Associated Press agrees, saying the Fed is likely to announce a reduction in bond purchases which have “helped keep mortgage rates at ultra-low levels for much of the last 18 months”
- Bank rate says “Now is a good time as ever to lock in a low rate”
I don’t think it’s an exaggeration to say that missing the chance to refinance now could be one of the biggest missed opportunities of one’s financial life. That’s because not only is the potential savings of lower mortgage payments large on its own, but the amount you could save each month also results in freed up capital that you can invest and compound over time. By refinancing twice now at near record low rates, I calculate I’ll save $52,354.80 over the life of my mortgage. That’s a log of extra money I can invest every single month (or use it for anything else I want). And of course, locking in a low rate on your mortgage can also serve as an effective hedge against rising inflation. I’ve heard from some people that think refinancing is too much of a hassle. But I can tell you that’s not the case at all these days -- the process is incredibly easy and seamless, and that’s one of the reasons I used the provider we outline below (in addition to their reputation for very low rates). So here’s what I’ve been saying to my friends and family: see what your rates look like with top-rated mortgage lenders, and run the numbers on whether a refinance makes sense for you. At current rates, there’s a very good chance it does (but maybe not for long). | 
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