Chicago, IL (PRWEB) September 07, 2013
Rising mortgage rates are leading to a dip in refinancing activity; The Federal Savings Bank promotes its struggling mortgage holders to refinance now before climb higher.
As reported by Mortgage News Daily, rates hit their highest levels since August recently, with the 30-year fixed-rate mortgage averaging 4.625 percent. This has led some current homeowners to refrain from taking out new loans in an attempt to lower their monthly mortgage bills.
The FHFA reported that one of the more popular refinancing vehicles, the Home Affordable Refinance Program (HARP), saw volume fall slightly during the second quarter of 2013 when compared to the two previous quarters. However, the FHFA also reported that despite this drop, HARP activity is on par with the same quarter last year.
During the second quarter of 2013, 279,933 refinances were completed through HARP. That brings the total number of HARP refinances completed since the program’s inception close to 3 million.
Still, just as many homebuyers take out mortgages when rates begin to rise, many homeowners will likely focus on completing a refinance before interest rates go any higher. For current homeowners hoping to lower their monthly mortgage payments, the smart choice seems to be refinancing sooner rather than later. While rates are on the rise, The Federal Savings Bank reminds its homeowners that they are still historically low, allowing for significant savings over time.
We keep track of all our lien holders and inform homeowners who walk in to speak to loan officers of the refinance opportunities the interest rate market is offering now.
Homeowners Should Consider Refinancing Sooner Rather Than Later is a post from: Best Home Mortgage