The Market Composite Index, which measures the volume of mortgage applications, rose by nearly 22 percent earlier this month.
This news correlates with a decline in interest rates, which is good news for you and your family if you’re thinking about homeownership or refinancing your current loan. Other indicators of favorable borrowing terms include the increase to the Refinance Index. It’s up 37 percent week over week and at its highest level since summer 2016.
Consumers who wish to buy a home, or already own one, are responding to low mortgage rates by taking action.
These favorable rates are empowering consumers to buy their first home or refinance their loans. Whether it’s to reduce their monthly payment by securing a new loan with a lower rate, or it’s to tap into spending power via home equity, we can help you through this process at an advantageous time.
Other benefits include the ability to pay off the loan faster, getting rid of mortgage insurance or switching into a different type of loan, such as a fixed-rate version.
If a cash-out refinance is something you desire, it can allow you to assume a new loan at a higher amount. The remainder would go toward paying off debt, home improvement projects, or any other financial need you want to fulfill.
Contact is today if you have any questions on how to take advantage of this window of opportunity.