MortgageRefinance.com Reports Record Low Mortgage Rates
Los Angeles, CA (PRWEB) July 31, 2011
MortgageRefinance.com says the period of the Great Recession may be coming to a long overdue close as more houses are being sold by the day and new business are starting to pop up in various industries. As this season draws to a close, borrowers are encouraged to consider mortgage refinancing as the rates continue to drop. Experts disclose that when the recession finally comes to a complete close, these rates will skyrocket once more. In fact, this period may be the last time that low rates may be taken advantage of by borrowers.
Economists predict that it will be unlikely to see the rates dipping to lower than 5% once economic recovery takes on full speed. The 30 year fixed mortgage rate is currently sitting at the lowest is has been since December—4.58% falling from 4.76%. In the meantime, the 15 year fixed mortgage rate is also slumped at 3.81% falling from 3.96%. At these low rates, consumers can take advantage of a large amount of savings on their mortgage payments if they decide to act on it now. According to the report, there can never be a more perfect time than this.
Demand for Homes at Steady Pace
The Mortgage Bankers Association cites a recent activity in refinancing to be the result of the low mortgage rates, an opportunity that is being snapped up by thousands of mortgage borrowers everywhere. The total increase in refinancing activity has increased by 9% although purchasing of houses is still lukewarm. According to a global economist, the sales of homes are still lukewarm but that the figures look that they will improve up until the end of the year.
Refinance Figures Rises
The real story according to the Mortgage Bankers Association is the sharp increase in refinancing. The report cites that 63.1% of all mortgages in the past week was made up of refinances. The reason for the sudden spike in refinance activity lies in the thousands of dollars that may be saved upon acting on the low mortgage rates. The rate on a house loan is essential in determining how much savings a family can pocket at the end of each month. The higher the rate means lower savings. A lower rate not only saves more money, it also makes the home more affordable in the long run.
Mortgage Refinance is a complete one stop online source that supplies the consumers with all the basic tools they need in refinancing. Handy tools include a table to compare mortgage refinance rates and a mortgage calculator to help compute the amount of savings that can be made with a lower rate brought about by refinancing. To ensure that the site provides all that is needed in the subject of refinancing, a list of mortgage brokers and lenders is also featured. Mortgagefinance.com provides all the basic options and tools to simplify refinancing for the average consumer.