Mortgage Lending Made Simple

According to Sandra Block from USA Today, the lower interest rates are creating a surge of refinance applications before rates rise.

“Some borrowers may be tempted to hold out in hopes that rates will fall even more. But that’s risky, says Bob Walters, chief economist for Quicken Loans. Long-term mortgage rates are near historic lows, he notes, which means they’re more likely to rise than fall. The Federal Reserve reduced short-term rates by half a point last week and signaled that it might cut rates even more in the next few months. But while Fed cuts typically lead to lower rates for credit cards and car loans, the Fed doesn’t influence long-term mortgage rates. These rates track 10-year Treasury notes, which tend to respond to changes in the economy. “

If you have been considering refinacing your home mortgage loan, now may be the time.

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