Refinance News

Mortgage rates continue to climb to their 5 month high as investors sell treasuries. This past week rates increased .15% to 4.61% on the average 30 year mortgage. The previous 30 year average was 4.46%. Many borrowers that haven't taken advantage of these records low rates are still scrambling to qualify for a mortgage. Borrowers should speak with their mortgage professional to see if they can qualify and whether they are able to save money refinancing their present mortgage.

Mortgage applications fell last week .09%. While purchase applications increases 1.8%, refinance applications, which are a greater portion of the mortgage application universe, decreased 1.4%.

The increase in the purchase applications is a good sign but it may only be a one time occurrence. It may not be a sign of a strengthening real estate marketing. We will have to wait for more numbers to see if purchase applications continue to trend upwards. Expect refinance applications to fall if mortgage rates continue to rise.

New mortgage applications are up. Spurred on by record low mortgage rates new mortgage applications were up 3.4%. Refinance applications were also up 9% last week and about 30% over the past month.

30 year mortgage rates drop to a new low of 4.57%.  This may spark the housing market and an increase in refinance applications. Homeowners and home buyers may have the ability to receive some of the lowest rates in history.

Mortgage rates are close to an all time low yet borrowers are reluctant to take advantage of these historic rates. Even with rates averaging 4.8% for a 30 yr mortgage, refinance applications dropped for the first time in this month.

There are a variety or reasons affecting this mortgage market. Many homeowners are may be just tired of this refinance roller coaster. Homeowners have already refinanced recently and although these rates are attractive and could potentially save them money over the long term don't want to concede that they may have spent money for no reason if they refinance again. Some homeowners are underwater and unable to refinance or have damaged credit due to the downturn in the economy. Whatever the reason, borrower should consider numbers before making a decision to refinance. If they are able to save money by refinancing they should contact their mortgage professional to review their options. It's unlikely that these rates will be this low for long and its probably just as unlikely that we'll be seeing these rates again any time in the near future.

Current mortgage rates are close to all time lows. This is a great opportunity for borrowers and potential home owners to refinance or purchase a new home. Low financing rates can save borrowers thousands of dollars over the life of the loan. The average 30 year mortgage rates were 4.78% this week. Thats just a tad above the all time low 30 year mortgage rate of 4.71%.

You should contact a mortgage professional to see what rate you qualify for:

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