In a telling sign, applications for mortgage refinancing climbed 21 percent last week, while home loan purchase applications fell 8.5 percent according to NYDailyNews.com.
"There are about 18.5 million households that should be in the hunt to refinance," says Mark Zandi, chief economist at Moody's.
This is really no surprise, as mortgage applications continue to jump up as mortgage rates stay at record lows. Really, rates haven't been this low since Eisenhower was president in the 50s!
So is refinancing right for you?
Historic Low New York Mortgage Rates
Evaluate your financial situation and see if refinancing is the right choice (it probably is). 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.
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 Vice President of Quicken Loans Joel Gurman says "Don't float on rates, lock-it in!"
Lower Your Monthly Payment with New York Mortgage Rates
No one is sure how long these historic 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.
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 the low New York mortgage rates that are available. 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!