Homeowners Are Taking Advantage of Low Mortgage Rates
|Location||:||Baldwin, New York, United States|
|Posted by||:||Pierrecliff2 ( View user all ads )|
|Posted On||:||Jun 29, 2020|
Rates "Anyone with a mortgage should consider refinancing. However, borrowers need to make sure it really makes sense for them to refinance and see types of offers lenders has available”
• Mortgage rates are landing very close to their recent record low.
• Refinance requests to lenders were up 144% from a year earlier.
Mortgage rates have fallen throughout 2020 thus far, mainly in response to concerns related to the economic impact of the COVID-19 outbreak. It will continue to be the main driver of mortgage rate movements in the coming weeks. Those who are considering refinancing shouldn’t wait on the sidelines, since it’s not guaranteed. Mortgage rates will drop much further than where they are now.
Many lenders have hit their capacity in terms of how many loans they can process. The decline in rates presents a major windfall for millions of homeowners across the country who, stand to save thousands of dollars in interest by refinancing. Furthermore, an estimated 44.7 million homeowners have $6.2 trillion in home equity that they could access through a cash-out refinance. Now they have the chance to access that cash at a lower interest rate.
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