Considering America’s economic crisis combined with high home equity, refinance applications increased 26% this week compared to last week and refi’s are up 160% from last year, from the Mortgage Bankers Association (MBA). The MBA also estimates roughly $1.2 trillion in mortgages will be refinanced this year. This is the most refi’s since the year 2012!
From Freddie Mac, another factor in the refinancing activity was the large decrease in mortgage rates. The 30-year mortgage rate fell to 3.3% this week, down from 4%.
Contact us if you would like more information about interest rates and to discuss current real estate market trends.