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After reaching record lows in 2021, interest rates for new mortgages and ARMs are likely to rise this year.
Last year also saw one of the most competitive housing markets ever, which strongly favored sellers.
The first week of the new year saw the average interest on a 30-year fixed mortgage bump up by 13 basis points, to 3.4 percent.
With the cooling housing market, it could be your best opportunity in years to take the plunge into homeownership.
This is not official investment advice, but if you have money left over from a cash-out refinance, you could invest it and turn a profit, rather than just paying that chunk of your mortgage back.
Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website.