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Low Interest Rates Spike Refinancing Requests


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Refinancing Requests

 

The purpose of this post is to summarize a recent CNN Money news story that discusses the impact of the currentl historically low interest rates on mortgages.  The link to the complete article is at the end of this post.  Whether you’re an investment property landlordor a homeowner, now is the time to look into refinancing.  So without further adieu…


Amidst the current mortgage crisis, mortgage loan applications have spiked. With current interest rates hitting record lows, homeowners are opting to refinance into newer plans offering lower cost loans. While requests for new mortgages are being received, the vast majority of applications in recent months has been for refinancing existing loans.

The all new rates have unfortunately not had quite the desired impact on home sales. Potential buyers may be waiting for rates to slump even further, or it is possible that market confidence has still not reasserted itself enough to convince interested parties to get off the couch and go find a property to buy.


The interest rates have worked their magic by stimulating the real estate market in other ways. Several homeowners have been able to step away from the brink of foreclosure by opting for refinancing and saving money in the process. Borrowers with adjustable-rate mortgages have also fared better with the current rates because an upswing in rates in the current job economy could have proved disastrous for this segment of homeowners.

This state of affairs is not expected to continue, and market pundits are warning that interest rates could swing the other way at any time. To continue reading the full report, please click here.



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