Mortgage refinance rates in the US have declined over the recent weeks, remaining at a 16-month low as more affordable borrowing costs fuel an increase in refinancing. Homeowners are rushing to cut their monthly payments as rates hover at the lowest levels since June 2013. Mortgage refinance applications jumped 23 percent in the week ended Oct. 17 to an 11-month high, according to the Mortgage Bankers Association. The refinance share rose to 65 percent of home-loan applications from 59 percent. Rates are at the lowest level since June 2013, and homeowners are rushing to cut their monthly payment amounts.
“The dip in rates here are for people who were looking at the numbers throughout the summer and saying, ‘It’s pretty close,’” Keith Gumbinger, vice president of HSH.com, a Riverdale, New Jersey-based mortgage-data company, says. While lower rates won’t give an immediate boost to housing demand because of the time it takes to select and complete the purchase of a property, sales have been improving. Purchases of previously owned U.S. homes increased 2.4 percent in September to a 5.17 million annual rate, the highest level in a year, the National Association of Realtors said this week.
There is no better time to consider refinancing than now. In addition, if you are looking for new purchases in the real estate market, consult the mortgage brokers at HML Investments about cutting the time of your selection process in addition to finding funding for your purchases. Borrowers and buyers in today’s market should be aware of the opportunities that exist to lessen your financial burdens when it comes to refinancing or purchasing new properties. The loan specialists at HML Investments will make it easy for you to be matched with the right loan at the lowest rate.
For more information about how to apply for a mortgage refinance, contact the specialists at HML Investments today for more information.