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Mortgage Refinancing Applications Drop
Posted by: | CommentsWith 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.
Compare Mortgage Refinance Rates
Posted by: | CommentsMortgage rates fell to a record-low last week, with the rate of a 30-year fixed loan dipping to 4.69 %. Borrowers who have been waiting for the best time to refinance their home find themselves in a good position.
Is Your Home Mortgage Rate Higher than 5%?
Some economists anticipate that mortgage refinance rates will remain low for at least another six months. However, if you are considering mortgage refinancing and you qualify under the 2010 refinance guidelines then you should not wait.
The current mortgage refinance rates are the lowest they have been since 1971 so the chances of them getting lower are slim. The chances of mortgage lenders tightening home refinance guidelines are much greater. If you are eligible to refinance today, take advantage of these record low interest rates and lower your mortgage payment.
Many home finance analysts feared how the mortgage market would once the tax credit for homebuyers expired on April 30th. A recent published report released earlier this week indicated that new home sales plunged nearly 33% last month. Compare lenders so you can get the best mortgage refinance rates online!
Let’s compare mortgage refinance rates: A year ago, the average mortgage refinance rate was 5.22% and 10 years ago, people were refinancing at 8.15%. Today, the average 30-year mortgage rate is 4.675% and the average 10-year mortgage is now at 3.875%. The banks continue to extend low mortgage rates because to the instability in the market and the European debt crisis.
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