read

The time to refinance is now

By Amy Patterson

Refinancing is a great option for homeowners who are interested in lowering their rate, lowering their monthly payment or both. However, despite those interests, there is another part of the equation that is crucial – the market.time_to_refi-01

According to recent data, current interest rates are perfect for homeowners who are interested in refinancing. During the first quarter of 2015, refinances accounted for 63% of all single-family loan originations, according to Freddie Mac.

Freddie Mac deputy chief economist, Len Kiefer, said, "Many homeowners took advantage of low mortgage rates by refinancing in the first quarter of 2015. Relatively younger loans refinanced as the median age of a refinanced loan declined to 5.6 years, down from 6.8 years in the prior quarter. Refinance borrowers are primarily looking to reduce payments and pay down principal faster.”

Kiefer went on to say that an estimated $1.4 billion will be saved in interest payments, solely based on those borrowers who refinanced in the first quarter of 2015.

Ready to start your refinance? Talk to a mortgage banker today – 1 (888) 914-2276.

Source: http://www.worldpropertyjournal.com/real-estate-news/united-states/freddie-mac-mortgage-refinance-data-2015-refi-rates-len-kiefer-best-mortgage-rates-home-affordable-refinance-program-harp-refinance-loans-9058.php

Tags: Mortgage, Homeowners, Home Loans, Money, Refinance