Houston Refinance
Refinancing in Houston area
Posts tagged rate
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.
Houston Refinance 101
Dec 11th
Refinancing 101
What is refinancing?
Refinancing applies to your original mortgage loan when you are replacing it with a new mortgage loan. Refinancing your mortgage can give you more options such as monthly payments, changing the term of the loan terms as well as rates. When you refinance your mortgage loan there are certain pros and cons that you need to be aware of.
Why refinance your mortgage loan?
Refinancing your loan, depending on the comparisons between original loan and the new loan, you can have lower monthly payments, short or longer terms and lower interest rates. Depending on the market mortgage interest rates, it would be wise to refinance because it would save you money. Here are the T0p 5 reasons to refinance.
How do I find out if I need to refinance?
Generally when to refinance depends on measuring the costs and savings of refinancing. The cost of refinancing is usually 2%-6% of your loan amount. If you can save more than 6% of your loan amount by adjusting the length of the loan terms and lowering interest rates, you will benefit from refinancing. However, there are other factors to consider besides loan terms and interest rates. Sometimes there are penalties and fees that would be involved in switching the loan. Make sure you read the terms and conditions of your current loan and the new loan you are considering.
