Mortgage Refinance Boom
Rates Hit New Lows
As interest rates continue to decline, homeowners are rushing to take advantage of lower mortgage refinance payments. According to a CNBC report [1], refinance demand surged by a whopping 27% in the past week, marking the third consecutive week of decline for interest rates. This presents a significant opportunity for homeowners to potentially save thousands of dollars on their monthly mortgage payments.
Why the Surge?
Lower interest rates translate to lower monthly payments for borrowers. With rates dropping for three weeks in a row, many homeowners who locked into higher rates earlier are looking to refinance and potentially save on their mortgage costs.
Is Now the Right Time to Mortgage Refinance?
While the current decline in interest rates is a positive sign for homeowners, it’s important to consider your individual situation before making a decision. Here are some factors to consider:
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- Current Interest Rate: Compare your existing interest rate to the current market rates. A significant difference could justify refinancing.
- Loan-to-Value Ratio (LTV): Lenders typically offer better rates for borrowers with a lower LTV (loan amount relative to the home’s value).
- Closing Costs: Factor in the upfront costs associated with refinancing, such as origination fees and appraisals.
Source:
[1] CNBC: Mortgage Refinance Demand Surges 27 Percent as Interest Rates Drop for the Third Straight Week (https://www.cnbc.com/video/2024/12/11/mortgage-refinance-demand-surges-27-percent-as-interest-rates-drop-for-the-third-straight-week.html)
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