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Why So Many People Are Refinancing in Today's Mortgage World
Today's Mortgage World
Why So Many People Are Refinancing
In this time of recovery after the market hit bottom I like to keep track of even the smallest changes in the market and its activities. Any change on a micro level could easily lead to changes on a larger scale, effecting different sectors of not only the market but also the economy. Today I viewed some statistics provided by Realty Times and found some highly intriguing news about what’s going on in today’s mortgage world. Apparently there has been an increase in mortgage refinances as the mortgage rates hit a new low.
 
According to this article, all mortgages with the exception of the jumbo 30 year fixed rate mortgages, have dropped an average of .250% and have hit a new all time low. The current 30 year fixed mortgage rates are at around 3.375% while the 15 year fixed mortgage rate is now at 2.750%.
When mortgage rates fall several things happen: Not only are more people applying for mortgages because they have become more affordable but we also find that many homeowners are choosing to refinance their mortgage.
FHA Loan interest rates are quite similar, however a little lower. The current FHA 30 year ... more

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