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What is the story with mortgages right now? [Video]

Posted on Wednesday, August 3, 2016 at 8:28:31 PM

Residential real estate has overcome some of the harshest adversities since the recession, and remains in a much better position than the years that directly followed the crisis. However, it appears as though potential buyers are still somewhat unsure of economic stability, or simply not interested in purchasing homes as frequently. 

CNBC recently reported that the number of mortgage applications dropped by 3.5 percent between the third and final weeks of July, and that refinancing inquiries likewise dropped by about 4 percent in that period. The source did note that the refinancing category remains extremely healthy, though, as it stands at 56 percent higher than the same period of 2015. 

The part that baffles analysts right now is the extremely low mortgage rates, with 30-year-fixed sitting at 3 percent and 15-year fixed at 2.5 percent. 

Homeowners looking to refinance or new purchases seeking to gain a mortgage should certainly consider applying soon, as there is no telling how long these rates will remain so preferable. Work with a local bank to ensure the final decision is made on the right lending program.