Attorney Kate Cavanaugh-Forte
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Mortgage Interest Rates still Low-Time to Refinance?

The rates have been going lower and the mortgage applications have been going up. Is it time for you to refinance-could be, give me a call and I’ll walk you through the costs and savings.

  • A drop in interest rates drives homeowners and homebuyers to the mortgage market.
  • Total mortgage application volume increased 3 percent last week, according to the Mortgage Bankers Association.
  • The mortgage market activity was buoyed by applications to refinance home loans, which increased 5 percent from last week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) dropped to 4.14 percent from 4.17 percent, with points increasing to 0.38 from 0.36 (including the origination fee) for 80 percent loan-to-value ratio loans.

 

Many people are taking advantage of these new rates.

Refinance applications increased to 46.7 percent of total applications from 45.5 percent in the previous week. The adjustable-rate mortgage share of total mortgage activity increased to 6.8 percent. The FHA share of total applications decreased to 10.2 percent from 10.3 percent the previous week. The VA share of total applications increased to 10.7 percent from 10.1 percent the previous week.

 

For more info go to: CNBC

About the Author Kate Forte

Kate's a practicing Attorney for over 20 years. She is a pet rescuer and a strong supporter of pets Rights. Kate expertise is Real Estate, Probate, Estate Planning, Personal Injury, and Business contracts. Kate is happy to discuss any legal or pet matter you may have and if she cannot help; she is more than happy to point you in the right direction. Kate Forte 17 Good Hill Rd Woodbury Ct 06798 Office 203-598-8847 Fax 203-841-1116

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