Excellent Time to Re-fi
In my last post, I talked about why this is a great time to buy. As many have discovered in the past week or so, this is also a fantastic time to get a new loan or refinance an existing one. According to news reports, applications for mortgages more than doubled during Thanksgiving week. This was as a result of a decrease in fixed interest rates of more than one-half point.
Of total applications, those for refinance more than tripled. Thirty year, fixed-rate loans fell from an average of 5.99% to 5.47%. These national figures correspond to what is happening in the Bay Area.
Given that rates may soon temporarily drop even lower, today is an outstanding opportunity to talk with a lender. Take care of the processing and paperwork now so you are in a position to lock in the lowest interest rates we may see for some time to come. Those who take advantage will be glad they did.