The Mortgage Bankers’ Association reported yesterday that refinance applications rose last week. The availability of low rates helped spur a strong jump in refinancing applications in the August 13 week. The refinancing index increased a significant 17.1% to hit its highest level since May last year. Mission Mortgage has been imploring home owners to consider refinancing to take advantage of extremely low mortgage rates. Last week’s spike may indicate that owners are starting to see the benefits and recognize that rates can’t go much lower, but they have lots of room to rise. Rather than continue to wait to see if rates continue down, it appears as though many homeowners decided last week that the risk of waiting was greater than the likelihood that rates would go any lower.
Here in our offices, we have also witnessed a rise in refinancing. With rates inching up slightly this week, we encourage anyone who is considering refinancing their existing home loans to contact us today at firstname.lastname@example.org. If you have owned your home for at least two years and plan to stay in your home for two years or more, there is a strong possibility that refinancing could save you money. Every situation is unique and we’re here to help you determine your best option. Don’t wait until rates have climbed…by then you’ll wish you had acted now.