Mortgage rates are near historic lows, which has put millions of U.S. homeowners in the money to look at refinancing their current mortgage.
And yet, many homeowners have chosen to do nothing. Are you one of them?
Source: The Mortgage Reports
According to the Federal Housing Finance Agency (FHFA), the parent of Fannie Mae and Freddie Mac, mortgage refinance volume dropped ten percent last quarter despite sub-4 percent mortgage rates and the loosest mortgage guidelines in more than 10 years.
Homeowners that have elected to refinance, though, are saving big money.
The majority of refinancing homeowners, according to the report, have reduced monthly payments by $150 or more; and, many are using zero-closing cost mortgages to keep the benefits of refinancing high.
Homeowners doing debt consolidations are saving even more — especially with the recent changes in how lenders treat credit card debt.
Despite a drop in mortgage rates (and a loosening of mortgage lending standards), refinance volume remains off its peak. Too many homeowners feel it would be difficult to get a mortgage; or, don’t feel that a refinance is worth the time required.
Give me a call to find out if refinancing might be a good fit for you!
