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Interest Rates Hover at Record Lows Avondale, Buckeye, Goodyear
Interest Rates Hover at Record Lows
Concerns about the strength of the economy have recently taken Treasury yields to new lows. This, in turn, is causing fixed-rate mortgages to remain low.
Homeowners are taking advantage of the low interest rates. The refinance index recently reached a three-year high. Also, the Federal Housing Administration (FHA) projects to receive 630,000 refinance applications for fiscal year 2012, a 23% increase from the previous 12 months.
The vast majority of refinancing is going into fixed-rate mortgages. The adjustable-rate share of mortgage activity recently fell to 4.1% of all mortgage applications.
At the same time, home prices are increasing. Zillow reported a second-quarter increase nationwide for the first time since 2007. Standard & Poor's/Case-Shiller housing price index is also reporting monthly price increases.
When thinking about refinancing, there are some important things to consider. For instance, if refinancing to a lower rate will save $125 a month, you should then factor in your tax rate. If you're in the 25% tax bracket, the actual savings will be $94 a month.*
Another consideration is how long it will take to recoup your refinancing costs. If the costs are $4,000, it will take 43 months ($4,000 divided by ... more

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