CURRENT MORTGAGE RATES “IN THE MONEY” FOR MILLIONS
Current mortgage rates are at their lowest levels of 2014, and at a 15-month best. Along with rising home values, it’s an excellent time to buy a home or refinance one.
Recent data shows that the number of home buyers greatly outnumbers existing homeowners looking to save money via refinance. It’s a strange observation considering that the typical refinancing household saved close to 30% via refinance last quarter.
At today’s mortgage rates, millions of U.S. homeowners remain “in the money” to refinance. Yet, purchase activity will likely outpace refinancing through the end of 2014 and into 2015.
Rents are rising faster than home prices, shifting the math of “Buy vs Rent”.
REFINANCE TO CANCEL FHA MIP, SAVE 30%, OR OTHER
Purchase mortgage closings market share two percentage points in July as compared to the month prior, according to data from mortgage origination software provider Ellie Mae.