Will IRRRL Interest Rate Continue to Go Up Later This Year?

In April I closed on my second VA mortgage. My interest rate is 4.25% and the payment is a bit high so I’m looking to refinance using IRRRL (Interest Rate Reduction Refinancing Loan). To qualify I need to make six on-time payments. My first payment is on June 1st, which I already paid. That means I can start the IRRRL process in November.

But my previous loan officer told me that I can only refinance if the rates go down. Do you think the rates is likely to drop towards the end of the year or even in the next few years?

Also, I used IRRRL to refinance my first house down to a 2.25% in December 2020. I remember that IRRRL did not do a credit check last time, is that true right now as well?

submitted by /u/ShaneMJ
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In April I closed on my second VA mortgage. My interest rate is 4.25% and the payment is a bit high so I’m looking to refinance using IRRRL (Interest Rate Reduction Refinancing Loan). To qualify I need to make six on-time payments. My first payment is on June 1st, which I already paid. That means I can start the IRRRL process in November. But my previous loan officer told me that I can only refinance if the rates go down. Do you think the rates is likely to drop towards the end of the year or even in the next few years? Also, I used IRRRL to refinance my first house down to a 2.25% in December 2020. I remember that IRRRL did not do a credit check last time, is that true right now as well? submitted by /u/ShaneMJ [link] [comments]

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