You will refinance again in 2023 when the government pivots

DDA Mortgage • October 24, 2022

When it comes to buying a house, there are a lot of things to worry about—like what kind of mortgage you'll be getting and whether or not the interest rate will be higher than you expected. But there's one thing that I want you to remember: The time will come when interest rates will drop, and you'll be able to lock in a lower rate for the life of your loan.


That means that if you buy a house now with a higher interest rate than you were expecting, don't worry—you have options so that when those rates drop, you'll be able to take advantage of the opportunity.



Closing now at a higher rate is only temporary


You see, when the economy cools down (which it inevitably will), the government will cut interest rates to stimulate borrowing and get money flowing back into the economy. That means that even if you're buying a house right now at a higher interest rate, it's likely that your mortgage rate will drop in the future if you refinance.



Why You Want To Refinance Your Home In 2023


When rates do drop, you want to be ready.


The first thing you should know is that it's a good idea to refinance during a rate drop—if you're in the right situation to do it.


And what exactly is "the right situation?" Here are some of the most common reasons people choose to refinance:


Consolidating debt:

If you have several different loans (student loans, car loans, credit cards) that have high-interest rates and low balances, refinancing may be an option for you. When you combine these loans into one lower-interest-rate loan, it can save you money in the long run.


Buying a house at a higher interest rate:

If you bought your first house and are paying more than the current market rate on mortgages, refinancing could help you lower your monthly payments and save money over the long run.


Getting rid of a HELOC:

If you took out a home equity line of credit, refinancing could help keep those payments under control by converting them into fixed-rate payments that won't change over time or are at a lower interest rate.



Don't Lose Sight Of What's Important


There are so many great things about buying a home: You can make it your own, you can start building equity, and it's an investment in your future.


Rates are going to drop in the future, and when they do, you'll be glad you got a great deal on your home now!


If you are shopping for a home, call us now (727) 784-5555. We will show you all your options, not just the traditional ones.


If you have questions about mortgages and home loans, please ask using the form below.

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By Didier Malagies • October 13, 2025
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By Didier Malagies • October 6, 2025
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By Didier Malagies • September 29, 2025
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