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Rising Refinance Market 9/1

Have you been paying attention to today's historically low mortgage interest rates?

Today really is an incredible time to be doing a refinance. All it really takes is some time to make calls to contact your local lender to get some rate information. A few hours of your time gathering documents today or this weekend could save you hundreds on your monthly payments

MBA's Vice President of Research and Economics, Michael Fratantoni, offers this knowledge...

"Refinancing activity picked up again last week, reaching new 15-month highs, as borrowers took advantage of even lower mortgage rates.  The drop in mortgage rates was in line with Treasury rates as the latest data continue to show weak economic growth and an exceptionally weak housing market...The sharp decline in MBA's Purchase Application index in May had provided a clear leading indicator of the drops in new and existing home sales that were reported for June and July.  Despite the slight increase in purchase activity in the past week, the continued low level of purchase applications indicates we are unlikely to see an increase in new home sales reported for August or existing home sales reported for September."