Mortgage Refinance Rates
In any economic environment, it can be difficult to make the payments on a home mortgage. Factoring in the possible high interest rates and an unstable economy, making mortgage payments may become tougher than you have ever expected. Lower mortgage refinance rates used to spark stampedes of homeowners looking to save a few bucks—or pull some cash out of their home equity piggy bank. But the recent sharp drop in interest rates is not expected to bring hoards of refinancers out of the woodwork.
Mortgage refinance rates are determined based on multiple factors. The main determining factor is the interest rates set by the Federal Reserve. Interest rates have been gradually declining over the last fifteen years. The Federal Reserve has kept interest rates low in a effort to boost economic activity and encourage consumers to borrow. Lately, the direct correlation between lower interest rates has not triggered an ongoing boom in refinance rates. One possible explanation for this is that those that would benefit from refinancing probably already have. Another explanation could be that tighter mortgage lending standards also have made it tougher for would-be refinancers to qualify.
Today’s mortgage refinance rates hover between 3.8-5%, with HML Investments offering competitive rates to its borrowers. The opportunity to refinance for home owners offers a multitude of benefits for those that consider it. Take the time to due the research and find out if the decision to refinance your home is the right one for you. Or, you can call a professional such as HML Investments today to begin your application process.
For more information regarding mortgage refinance rates, contact the specialists at HML Investments today.