Houston Refinance
Refinancing in Houston area
Posts tagged ARM
Mortgage Refinance Rates: 30 Year Refinance Rates at 4.95%
May 13th
Mortgage refinance rates are lower again this week in our latest refinance mortgage rates survey. 30 year mortgage refinance rates are averaging 4.95 percent this week, down from the previous week’s average 30 year refinance mortgage rate of 5.03 percent.
Refinance rates have been slowly going lower since mid April. Lower mortgage refinance rates drove demand for refinancing higher in the latest Refinance Index survey released by the Mortgage Bankers Association. The Refinance Index, which is a measure of mortgage applications for refinancing jumped 14.8 percent.
10 year U.S. Treasury yields were also lower last week as investors fled the Euro and bought Treasuries. The European Union and the IMF finally put together a rescue package for Greece.
15 year refinance mortgage rates were also lower this week over last. The current average 15 year mortgage refinance rate is averaging 4.35 percent, down from last week’s average 15 year mortgage rate of 4.42 percent.
5 Reasons to Refinance Your Mortgage
Nov 2nd
With the current economic conditions, everyone’s wallets are very tight. The upside to this economic downturn can be found in your mortgage payments to help improve your cash flow. Here are the five reasons to refinance your mortgage.
- Interest rates are currently at an all-time low, but when the economy starts picking up again, which it will, interest rates will continue to rise. So the longer you wait, the higher the interest rates will get. The lower your interest rate, the more cash you will have in your hands.
- With interest rates being this low, its a good idea to change your loan program. For those who has ARM(Adjustable Rate Mortgage), you should probably switch to FRM(Fixed Rate Mortgage) because it is highly unlikely that mortgage rates will be as low as it is today.
- With lower interest rates, you will have lower monthly payments. If you can maintain the same monthly payment, with a lower interest rate, you will be able to build equity faster.
- Refinancing your mortgage term from 30 year loan to 15 year loan might also be more affordable with lower interest rates. The lower your mortgage term, the faster you can pay off your mortgage.
- Your equity will continue to rise in a much faster rate, this will allow you to pay off your child’s college tuition, pay off credit card or buy yourself a nice vacation home you’ve always wanted.
