1. The low-interest rate on mortgage loans within 23 months

* According to the Freddie Mac Primary Mortgage Market Survey, also known as the PMMS, national average mortgage rates for 30-year fixed-rate mortgages have been below 3.0% for the past 20 consecutive weeks.

– Refinancing loans are cyclical, and as mortgage rates fall, the number of refinancing applications increases
– As mortgage rates increase, the number of refinancing decreases
As mortgage rates really go up, refinancing is stagnating, as it was in May 2013
– According to Freddie Mac’s national statistics, over 440,000 conventional mortgage refinancing loans were advanced in the last quarter
– This figure represents an 11% increase in refinancing loans compared to the previous quarter and represents the second consecutive quarter of the double-digit increase in refinancing loans
Mortgage rates have fallen by an average of more than 75 basis points since the beginning of 2020
Even homeowners who have bought their homes in the last 12 months can benefit from this kind of inheritance
– Every individual case is different, but every homeowner should receive a free analysis from a credit counselor to see if he can avail a refinancing loan

* Statistics published by Ellie Mae revealed that mortgage refinancing accounted for 40% of all mortgage closed a year ago. Currently, all refinancing mortgage loans account for 60% of all closed mortgage loans.

2. Mortgage refinancing programs

* Conventional mortgage lenders closed more conventional mortgage refinancing loans in the last quarter than in any other quarter since 2019.

– Not only conventional mortgage refinancing has brought surprising increases in mortgage refinancing
– FHA loans, VA loans, and USDA refinance loans also set a record for mortgage closing refinancing
In the case of the FHA, it is not only the decline in mortgage rates that has driven the record number of FHA refinancing loans
HUD lowering annual FHA mortgage insurance premium from 1.35% to 0.85% caused a flood of homeowners refinancing their current loans
– Although the FHA mortgage rate was the same, the reduction in the FHA mortgage insurance premium was enough for the borrower to avail

* Legally homeowners need tangible net benefits to refinance their current home loan.

Read more https://gustancho.com/refinance-mortgage-loans-hit-year-high

* You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for faster response.
Or write to us at gcho@loancabin.com. We are available 7 days a week, in the evening, on weekends and holidays.

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ALEX CARLUCCI – SVP Mortgage Banker, NMLS# 229891

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