Interested buyers and sellers are noticing the drop in mortgage rates and are expressing great interest in refinancing. A recent report from the California Association of Realtors stated:
“Overall mortgage applications increased 2.9% in the week ending Sept. 4 as the rates on home loans slid, the Mortgage Bankers Association, or MBA, reported on Wednesday.
Rates on 30-year fixed-rate mortgages fell to an average 3.07% in the MBA’s weekly study, and the average for a 15-year loan hit a new survey low of 2.62%.
Note that other surveys are showing even lower rates. For example, mortgage company Freddie Mac says 30-year fixed mortgages are averaging 2.93%. And, borrowers who are all-star comparison shoppers can find way better rates than the averages.
Applications for refinances rose 3% last week and were up an impressive 60% compared to the same week in 2019, the MBA says.
Before last week, refi demand slumped for three straight weeks. But there are still plenty of homeowners who could benefit by trading in their old home loans for a new, lower-interest model.
Nearly 18 million mortgage holders with solid credit scores and home equity could refinance — and slash their interest rates by three-quarters of a point or more (like from 3.75% down to 2.95%), mortgage data firm Black Knight said Tuesday. That would give them monthly savings averaging a nothing-to-sneeze-at $290…”
Reach out to us! We are more than happy to chat and discuss your options regarding the current real estate climate! Whether you are considering buying, selling, investing, or refinancing. The Anderson Real Estate group is here to help you with any and all of your real estate needs.