Are you still on the fence for a Refinance? Are you a homeowner considering a refinance but still unclear of the timing? Take a look at the mortgage rate statistics. Today the average 30 year fixed mortgage is still about 6%. - Looking at the mortgage rate graph, you can see that 6% is still one lowest mortgage rates in the last hundred years.
According to a report from Freddie Mac, refinancing will continue to see demand from homeowners seeking to tap into their equity or replace adjustable-rate mortgages. In addition, the survey cited that home prices are expected to rise 8.6% this year. Home values have not begun to decrease across the country yet.
So, if you're still weighing your mortgage options, consider the following loan options. I suggest a refinance if your mortgage rate is over 7% or if you have a mortgage that has an adjustable rate. If you already have a fixed rate 6.5% or less, than get a second mortgage if you need cash out.
By Lynda Nelms,
Sr. Loan Officer & Financial Consultant