Monday, July 26, 2010 - Article by: Lender411 Member
Mortgage interest rates drop even further! home owners push to new refinance options.
Continuous drops in California mortgage rates has caused home owners to seek refinance option more & more, Which intern leads to more applications being processed and home owners seeking mortgage help.
Mortgage interest rates drop dramatically again in California sparking up new refinance options for struggling home owners. According to recent polls taken the total number of mortgage loan applications increased 6.5% compared to this time last year. As rates on 30 and 15 year fixed-rate mortgages declined to the lowest levels recorded in history, refinance activity increased last week in California. The refinance index is up almost 25% over the past 2 weeks, however it is below the peak seen last year around this time.
The number of home purchases due to the drop in mortgage rates increased 4%. Overall in California refinances made up almost 80% of all mortgage applications this week, the highest seen since may 2009.The mortgage business has seen profits plummet since the start of the new year as interest rates drop to unprecedented lows and operating expenses rise. My advice to home owners is to take advantage of the mortgage interest rate drops and get yourself into a good low fixed rate loan and live comfortably knowing what your mortgage payments will be month to month. Interest rates will rise again so take advantage of this bad time in the real estate market and save money while you can.
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