Several national averages for refinancing decreased today. The average for 30-year fixed-refinance slid five basis points to 3.72%. The 15-year fixed-refi, on the other hand, slid six basis points down to 2.91%. Finally, the 10-year fixed-refinance fell four basis points to 2.85%.
Now may be the best time to refinance your Fort Myers mortgage. Here are some details to convince you:
Time to Refinance
These decreases in national refinance rate averages may be a sign that you can refinance your mortgage. Refinancing allows you to either extend or shorten your loan term, save money, and help you gain a lower interest rate. These benefits can be well and good, but you may still be hesitant. Besides the national average decrease, you can look to other signs below that say that the time is ripe for refinancing.
Homeowners Making the Move
Many homeowners themselves refinanced due to the decreases in interest rates. Compared to rates during the 2016 election, mortgage rates have reached their lowest since. As a result, mortgage applications increased in the last week. The total mortgage application volume rose 3.3% compared to previous weeks where the volume remained at lows.
A High in Refinancing
According to the Mortgage Bankers Association, refinance applications even make up half of all mortgage applications nationwide. In this, the level of refinancing share of mortgage activity now reached its highest since the beginning of 2017. Refinances were down then given the high mortgage rates.
Expect More Favorable Rates
According to industry experts, you can expect rates to fall even more in the coming weeks — prolonging your opportunity to refinance. The high global tensions, the threat of Hurricane Irma, and investment shifts have been expected to drive such continued decreases in rates. You can refinance now or wait for more favorable rates later on.
Do you now have reason enough to refinance? You can take advantage of these signs, and refinance with a Fort Myers lender. With the favorable conditions around the mortgage market, refinancing will be worth your while, and you will be happy that you made the move.