| Chula Vista |
01-24-2017 10:23 PM |
Quote:
Originally Posted by Frownland
(Post 1799397)
Refis change every day and there are several ways to get a lower rate.
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Tell me oh wise home owner. I was getting offers left and right leading up to the election with 60 day lock in rates (normally 30 is the max.) because, again, lenders were worried and wanted to secure some business.
From a recent LA Times article:
Quote:
For prospective home buyers, higher interest rates already are here.
Mortgage rates tend to rise and fall along with the yield on 10-year Treasury notes. Those yields have jumped lately, and mortgage rates have gone along for the ride.
The week before the election, the interest rate on a standard 30-year mortgage averaged 3.54%. Two weeks later, mortgage rates had jumped to an average of 4.03%, according to government-backed mortgage buyer Freddie Mac.
The sudden increase has cooled the market for mortgage refinancing and is likely pushing some prospective home buyers to rethink how much house they can afford.
The number of customers looking to refinance loans dropped almost immediately once rates started to climb, said Dave Norris, chief revenue officer of Orange County mortgage lender LoanDepot. “Within 24 hours of a rate increase, we’ll see a drop in refinancing,” he said.
When mortgage rates are low and dropping, refinancing activity rises as homeowners look to replace higher-rate loans with cheaper ones. With rates now headed the other way, refinancing activity is expected to drop off in 2017, according to the Mortgage Bankers Assn.
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