Financial experts suggest that borrowers should apply for a new mortgage loan, or refinance their home loan when the time is right for their individual needs, rather than attempt to time the market. While risk takers may be enthusiastic about waiting until the last minute to lock in a low mortgage interest rate, most homeowners and homebuyers prefer to observe general mortgage market trends and focus more intently on their own finances. (If you can't qualify for or don't want a traditional mortgage, one of these options might be right for you. See 4 Alternatives To A Traditional Mortgage.)