Mortgage refinancing is one of the few bright spots for the economy
The decision by the Federal Reserve to buy large quantities of mortgage-backed securities has led to record-low mortgage interest rates which are in turn leading to heavy demand for mortgage refinancing, which ultimately leads to more money in the pockets of beleaguered homeowners. The weekly report from the Mortgage Bankers Association showed a 25.6% increase in mortgage refinance applications. The average contract interest rate for 15-year fixed-rate mortgages decreased from 4.67% to 4.63%.
Unfortunately, applications to purchase declined by 14.1%, but that is no surprise given the recession. People are staying put, but refinancing is a way of giving yourself a raise.
posted by Jack Krupansky @ 5:58 PM
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1 Comments:
When a bank or lenders investigate your credit history and determined that you would be a suitable candidate for a mortgage is called mortgage pre-approval. If you want to take a mortgage in Toronto then Sunlite Mortgage agents can help you to get mortgage pre-approval. They will work with the lenders and do all the paperwork on your behalf. Mortgage pre-approval Toronto
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