Mortgage rates falling - time to refi

Posted by Steve Dalton / Category:

Mortgage applications surged last week as borrowers moved refinance their loans to take advantage of lower interest rates, which continued to fall this week as turmoil in financial markets prompted investors to seek safer investments.

Mortgage loan applications were up a seasonally adjusted 33.4 percent from a week ago for the week ending Sept. 12, the Mortgage Bankers Association said, driven by an 88.1 percent surge in refinance applications. An index tracking purchase loans rose a more modest 2.4 percent, driven by a 5.3 percent increase in applications for conventional purchase loans. Applications for government backed purchase loans, largely FHA, fell 4.5 percent.

From Inman News it would appear there is no better time to get that home refinanced, perhaps even get rid of a credit card or a car loan.