Time to Refinance Your Mortgage? Rates Hit Historic Lows

Home loan interest has fallen every week this month, setting off a wave of refinancing — which the Mortgage Bankers Association says accounted for 81 percent of loans made last week. The group’s Mike Fratantoni remarks, “We are back up to a three-year high in the level of refinance applications.” While the refi market is thriving, Fratantoni says new-home buyers and trade-up buyers are holding back. “People are still looking at the 8.1 percent unemployment rate,” he notes, “and they still don’t feel a level of stability in the economy.” | Read More