Mid-Year Mortgage Update

Mid-Year Mortgage Update: Should You Refi, Sell, or Stay Put?

real estate
June 12, 2024•3 min read

Mid-Year Mortgage Update: Should You Refi, Sell, or Stay Put?
June 2024

We’ve hit the halfway point of 2024, and if you're a homeowner, you might be wondering: Should I refinance, sell, or stay put and ride it out?

It’s a valid question. The housing market is in flux—again. Interest rates remain unpredictable, home values are holding steady in most regions, and buyer demand is slowly creeping back. Whether you're looking to lower your payments, tap into equity, or simply make the smartest move for your financial future, now is the time to reassess your mortgage game plan.

Here’s a breakdown of the best options based on today’s mid-year trends:

1. Refinance If You Can Lock in a Lower Rate (or Better Terms)

If you bought your home before the rate hikes of 2022–2023, you're likely sitting on a great rate already. But if your rate is above 6.5%, a refinance might make sense—especially if:

  • You plan to stay in your home for at least 5 more years

  • You want to switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan

  • You’re considering a cash-out refinance to fund renovations or consolidate debt

Pro tip: Lenders are rolling out creative refi programs again. Compare options—even if you were denied six months ago.

2. Sell If You’re Sitting on Major Equity (and Ready to Move On)

With home prices still high in many markets, homeowners who bought before 2021 are likely sitting on a sizable chunk of equity. If:

  • You’ve outgrown your space

  • You’re ready to downsize

  • You want to relocate to a more affordable or tax-friendly area

...this could be the right time to list your home and cash in.

Watch for: Increased inventory this summer. Pricing competitively and prepping your home for showings will matter more than ever.

3. Stay Put If You're in a Strong Financial Position

If you’re comfortable with your mortgage, your rate is below 5%, and your home still fits your lifestyle—staying put may be the smartest move of all. Instead of making a big leap, consider:

  • Using a home equity line of credit (HELOC) to fund improvements

  • Renting out a room or ADU to create income

  • Making strategic renovations to boost long-term value

2024 is proving that patience is a power move in real estate.

4. Bonus Strategy: Buy and Rent Out Your Current Home

If you're itching for a new home but don’t want to give up your low-rate mortgage, consider renting out your current property and using it as a stepping stone into real estate investing. This approach:

  • Preserves your rate and equity

  • Turns your home into a cash-flowing asset

  • Allows you to scale up without selling

Work with a lender to explore rental income qualification and the down payment requirements for a second home or investment property.

Bottom Line

The right move in mid-2024 depends on your personal goals, financial flexibility, and long-term plan. There’s no one-size-fits-all solution—but there is a smart next step for everyone.

Whether you're refinancing, upgrading, or staying the course, one thing’s for sure: Your mortgage strategy in 2024 can either save you—or make you—tens of thousands over time.

So pause, run the numbers, and make your move with confidence.

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