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A comment on Banks are slow to increase rates on savings accounts, but quick to reduce them. Parent comment

Re:Banks are slow to increase rates on savings accounts, but... by jacquesm on Saturday July 25, 2020 @08:54AM (#23948823)
And your typical mortgage contract will include clauses that stop you from moving your mortgage to some other provider without penalty. You can get badly locked in like that with rates from a decade ago.
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Re:Banks are slow to increase rates on savings accounts, but... by lotsofpulp on Saturday July 25, 2020 @11:11AM (#23949755)
This isn’t true in the US. Typically, you can refinance anytime you want, and I’ve never seen a prepayment penalty.

Closing costs aren’t a penalty, as it does take some work to get a mortgage. Although in free money times, even that is sometimes waived by lenders.

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Re:Banks are slow to increase rates on savings accounts, but... by votepaunchy on Saturday July 25, 2020 @09:03AM (#23948872)
AFAIK only PMI can have prepayment penalties. You’ll still have to pay closing costs on and qualify for a new mortgage.
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