Refinance applications rise as rates fall to a seven-month low

If YES, then you should know: If you refinance into a private loan with a low variable rate today, over time, the rate could rise higher than the current fixed rate on your federal loans. Variable rates are tied to an index causing the rate to rise or fall, which makes the total cost of variable rate debt impossible to calculate.

October refis, closed loans. According to October’s recently released report, refinances accounted for nearly 40 percent of all loans that month – up from just 47 percent one year ago. October saw mortgage rates fall to 4.20 percent – a new low for 2017 (though rates have dropped more since then.) According to Ellie Mae’s CEO and President,

8 tips for refinancing as mortgage rates rise By. not only to catch low rates before they rise, but also to avoid a backup in refinance applications should rates suddenly fall, according to.

Refinance applications declined during the Memorial Holiday as refinance rates on several types of mortgage products declined to new all-time lows. In the Mortgage Bankers Association’s Weekly Mortgage Application Survey 30 year fixed conforming mortgage rates dropped to a new all-time low of 3.91 percent with 0.46 points for the week ending May 25, 2012.

The Rise and Fall of Interest Rates: How Interest Rates are Determined. by Amy Lillard (9/19/2012) Anyone who has ever applied for a home loan, auto loan, or even a credit card, has had to learn quickly about interest rates.But this education often results in more questions than clear answers.

Good/Bad Housing Markets In 2014 May Be a Surprise

The Commerce Department said on Wednesday new home sales tumbled 9.4 percent to a seasonally adjusted annual rate of 571,000 units last month. Bankers Association on Wednesday showed applications.

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Weekly mortgage rates fall further, but only refinance. – The drop spurred more refinance activity, with those applications rising 3% for the week and a striking 92% annually. As home values continue to rise, more borrowers become eligible to refinance, and so each drop in rates brings out more business for lenders.

So you want to refinance, but mortgage rates are rising. Don’t worry – you haven’t missed the boat on your refi opportunity. Mortgage rates are still historically low, and they aren’t expected to exceed 5% in 2017, according to many economists and mortgage analysts. Here are eight tips to help you successfully refinance your mortgage as rates rise.