While historically low mortgage rates have caused a New York mortgage refinancing boom, the housing market is still slow. And now, mortgage rates are inching higher.
"What's hurting the housing market right now isn't mortgage rates," said Michelle Girard, senior economist at the Royal Bank of Scotland in a recent NYDailyNews.com article. "It's a lack of confidence about the U.S. economy. It's concern about losing a job."
Even the lowest interest rates in memory couldn't lure buyers from the sidelines. Sales remain abysmal. The National Association of Realtors reported sales of previously occupied homes plummeted 27 percent in July, the worst showing in 15 years.
It's not all bad news. Homeowners are taking this historic opportunity to refinance and ensure themselves some much-needed financial security in these uncertain times.
Take Advantage of New York Mortgage Refinancing
While mortgage interest rates have inched up, they are still at record lows. Really, rates haven't been this low since they opened up the first McDonalds in the 50's! No one is sure how long low mortgage rates are going to last, but there's no denying that the time to get started on that home refinance you've been wondering about is right now.
While many are extremely cautious with any large financial decisions because of the faltering economy, I think everyone should at least consider refinancing before rates go back up. As good friend and President of Quicken Loans Jay Farner says, "Rates may never be this low again!"
Talk to a New York Mortgage Refinancing Expert
Evaluate your financial situation and see if New York mortgage refinancing is the right choice. Refinancing will save you cash by lowering your monthly mortgage payment. Depending on your financial situation, you could save thousands in interest by locking-in a lower rate.
As a Quicken Loans home loan expert licensed in New York, I have helped many clients buy a new home or refinance into a lower monthly mortgage payment with New York mortgage refinancing. Whether you're looking for FHA Loans, VA Loans, fixed-rate, or adjustable rate mortgages, if you're ready to move forward get in touch with me at Quicken Loans today!