The refinance share of mortgages increased to 78 percent of total applications – and increase from 77 percent the previous week. Not since February 24, 2012 has refinance been so high. ARM refinancing activity accounts for 5 percent of all applications.
Most borrowers opted for fixed rate 30-year mortgage loans. In fact, 85 percent of all borrowers elected to go with 30 year fixed rate mortgages while 7 percent selected 15-year fixed rate mortgage loans. According to the MBA survey, the average contracted 15 and 30-year fixed mortgage rates are holding at the lowest recorded rates in history.
Are you a first time home buyer that understands that now is the right time to buy but still have questions? Consult our Mortgage Basics blog post for a general overview of the mortgage process and key mortgage terms. Visit our blog post of home ownership for further evidence that now may be the time to make the leap to home ownership.
Perhaps, you are one of the many homeowners considering your refinancing options. FHA refinancing options for existing FHA mortgage holders are better than ever. Inlanta Mortgage also offers HARP 2.0 refinancing options for home owners who own less than their homes are worth. Inlanta Mortgage has a number of other refinancing options as well. Consult a licensed mortgage loan professional at 239-936-4232.
Required Disclosures: Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage has recently earned the distinction of being named a 2012 Top Workplace in Southeastern Wisconsin.