The short answer to the question os what the best time of year is for low mortgage rates is that there just simply is none. Mortgage rates are dependent on many factors, none of them particularly seasonal in nature. So overall we would certainly not suggest that you either put off a good rate lock because it’s not the right time of year, or be more certain that a rate is favorable at another time of year. All of this said, there are a few factors related to mortgage refinancing that are remotely seasonal.
Home buying in most parts of the country is seasonal, whether it’s because families like to move into new homes so that their kids can start in a new school at the beginning of the tear, because looking for homes is much easier to do when it is relatively warm, or because the entire moving process is just easier in the warmer months. So this means that with something like mortgages, where the products are all fairly similar – rates tend to be fairly similar between different lenders – there needs to be another way for banks and brokers to compete. In the off-season or slow season, there is likely less incentive for brokers and banks to put a lot of effort into marketing a great financial incentive to choose them. But in the season when everyone is competing for customers, incentives in the form of reduced origination and other broker and bank fees tend to blossom.
Interestingly, however, none of the above creates a certain rule. And even when brokers and banks are not actively advertising a better mortgage refinance fee they still want your business. In fact in some ways they want it even more in the slow season when brokers are looking for commissions and banks are looking for fees that may be scarce. So while at these times there may not be a lot of effort being put into advertising low fees, you may be able to talk your way into some!