Charles H. Miller
Mortgage interest rates are at their lowest level in three years, with total mortgage application volume increasing 2.9 percent last week on a seasonally adjusted basis from the previous week. Compared to the year ago, applications are now nearly 35 percent higher, according to the Mortgage Bankers Association.
Unsurprisingly, applications to refinance home loans drove the volume, rising 7 percent from the previous week, seasonally adjusted. Overall, the refinance share of mortgage activity increased to 57.7 percent of total applications from 55.3 percent the previous week. The adjustable-rate mortgage share of activity increased to 5.7 percent of total applications.
ACT NOW! Brexit Drops Mortgage Rates to Historic Lows!
But this trend won’t last forever. Britain will find its way out of crisis and global markets will recover. This in turn will increase the demand and interest rates will return to where they were a year (or so) ago. Brexit may not be the best thing to happen in the world, but it could be your friend if you want to refinance your mortgage. This is one of very time times when you can take advantage of a major history event. Don’t miss it!
“Refinance applications rallied last week on a 3 basis point drop in mortgage rates to the lowest level since May 2013. Notably, the jumbo rate fell to 3.70 percent last week, its lowest level since MBA started the series in 2011,” said Lynn Fisher, MBA vice president of research.
The question on everyone’s mind is – should they refinance their mortgage? The answer is obvious – YES, this could easily be the best time EVER to take that step. The problem, some homeowners have is — where to start?
It’s Easy To Refinance Your Mortgage
The main thing is to look at multiple offers and pick the one that works best for you. Visiting banks’ website can be cumbersome, but luckily there are sites like LowRatesShop that allow you to easily compare multiple offers in minutes. The service is secure and free — select your loan type (refinance) and follow the on-screen procedure. Before you know it, you will be presented with not one but a few refinancing options. Check it out.
