Good time to buy a house or refinance a mortgage

Reportedly, Texans are already refinancing mortgages ahead of the Federal Reserve's news to keep rates the same.

Cypress certified mortgage planner Chris Nooney said this is a good time to buy or re-finance a house—even if you bought last year with rates in the mid to low fives.

"We've seen a dip from the historical highs that we saw over the past eight years that we reached last year in 2018. The 30-year benchmark mortgage has been in the mid to low four percent range for the past 30-45 days," said Nooney.

He said always use a local lender if you're considering buying or refinancing a home—be cautious of big financial institutions or online lenders.

"They are very slow to respond and there could potentially be bait and switches that occur in rates that are quoted and rates that you actually obtain," said Nooney.

He said it doesn't make sense to refinance unless you're going to a shorter term or if you're going to stay in your home for more than five years.

Several factors like credit score, debt ratios, loan product and down payment also come into play determining mortgage.

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