Mortgage Refinancing Applications Drop
ByWith mortgage refinancing activity rising each week, we were bound to see a drop one of these days and we finally did. The MBA reported that loan applicants seeking home refinancing declined to 78% last week from 79.4% the prior week, which was the highest level since April 2009. The average mortgage refinance rate on a 15-year fixed mortgage rose to 4.12% from 4.05%, and the interest rate on a one-year adjustable home loan fell to 7.15 % from 7.17 %
The Mortgage Bankers Association’s index fell 4.4% in the week ended July 23, the Washington-based group said today. The mortgage refinance measure fell 5.9% from the prior week’s one-year high, but the home purchase index did increase 2%. The average mortgage refinance rate with a 30-year fixed rate increased to 4.69% from 4.59% the prior week, which was the lowest since data began in 1990.
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Why in Todays Prime Market, a 30 Year mortgage loan is the cream of the crop! In the past I used to tell people to look at home mortgage rates for different lending products to determine what was best for them. If they were planning on moving soon a 5/1 ARM might work.
Good post with helpful refinance advice for consumers.On a different viewpoint, there is a lot of ways a lender can improve the mortgage refinance. Customer service should be paramount! Whether it is home refinancing to lower the payments or refinancing out of an ARM with a payment leading towards foreclosures, getting up to speed on today’s mortgage programs is essential.
- Jerry Mlinar, Woodfield Planning Corp.