Trends in mortgage market remain steady [Video]
Posted on Thursday, September 8, 2016 at 2:07:35 PM
Mortgage interest rates have hit some of the lowest levels in decades throughout this year, and it appears as though these levels are going to sustain for longer than expected. The dramatic drop in interest rates that has taken place in the past two years has completely transformed the mortgage market, boosting it past some of the harder obstacles presented by the recession.
Bankrate recently affirmed that 30-year, fixed-rate mortgages had an average interest rate of 3.56 percent during the last week of August, or .01 percent lower than the period prior and nearly 1.05 percent lower than the same period in 2015. What's more, nearly two-thirds of applications were devoted to refinancing programs, the news source pointed out.
"However it would take another significant move down in mortgage rates to see a large increase in refinance activity," said Bill McBride, an economic blogger for Calculated Risk, according to the news provider.
Those looks to apply for either a new mortgage or refinancing opportunity should consider working with a local, community bank to ensure that they are getting the best possible program in accordance with their needs and capabilities.