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Big news in the residential financing market [Video]

Posted on Wednesday, July 13, 2016 at 7:22:42 PM

The residential financing market has been burgeoning for years thanks to an improved economy and continued low rates in the United States. Now, it appears as though the industry is moving more quickly in the direction of refinancing, with applications to restructure mortgages booming today. 

CNBC recently reported that the Mortgage Bankers Association recorded a 7.2 percent week-over-week increase in mortgage refinancing applications in the second week of July. The source noted that this follows a 21 percent week-over-week increase the week prior, and that the analysts believe they know what is causing this rapid rise. 

"Mortgage rates dropped again last week to their lowest level in more than 3 years, as investors continued to seek safety in US assets given the global turbulence following the Brexit vote," MBA Chief Economist Mike Fratantoni told the news provider. 

Now is an exceptional time to apply for a loan on a new home or for a refinancing program for an existing mortgage, and this might not last much further into the year. Homeowners who are looking to make some moves should consider speaking with their local banking professional.