Nine states and one U.S. territory accounted for more than 60 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance: Florida, Illinois, Michigan, Ohio, Georgia, New Jersey, Pennsylvania, Puerto Rico, New York and California.
Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies. Most people refinance when they have equity on their home, which is the difference between the amount owed to the mortgage company and the worth.
While refinance volume has dropped off in recent years as interest rates have inched upward, incentive to refinance has returned for some homeowners. According to the latest from Black Knight, about 550,000 more borrowers could lower their mortgage payments by refinancing, meaning that about 2.4 million borrowers can now use a refi to reduce their interest rates by 0.75%.
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Mortgage rates are mixed this week – some up, some down – but you see the real story when you compare rates right now.
It noted that with Freddie Mac’s average 30-year fixed rate falling to 3.99 percent at the end of May, the number of borrowers who have the incentive to refinance grew to 5.9 million. That’s up by 2 million people from the figure recorded in mid-April and up by 1 million compared to the end of March.
This increase has come about as mortgage rates have dropped in tandem with Treasury yields, giving homeowners more incentive to. universe having no incentive to refinance, the conventional 30-year.
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· To Refinance Or Not To Refinance. Lower interest rates mean that mortgage rates have come down. The typical 30-year fixed-rate mortgage (a popular barometer for all mortgage rates) is currently about 7 3/8 percent. These low rates present an opportunity for home buyers and home owners.
Refinancing VA Loans. Borrowers with VA loans may be able to refinance with the Interest Rate Reduction Refinancing Loan (IRRRL) program. This program allows you to get a new VA loan with a low fixed interest rate. No appraisal is required by the VA, but lenders that you work with may require an appraisal.