Since 2009, mortgage rates have been below five percent. With rates this low for this long, you would think that existing homeowners or homeowners with Fairfax homes for sale would take the opportunity to refinance. Estimates are around 6.5 million borrowers could benefit with monthly savings if they refinanced.
Rodney Anderson, who has a weekly radio program, works with Supreme Lending. He described a recent pipeline meeting where his company reviewed every mortgage application pending decision. There were 7 apps for refinancing whose original loan rate was over 9% and 12 apps whose original rate was between 7% and 9%.
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