Monday, May 16, 2016

How low will they go? Low mortgage rates increase refinance applications.

Low rates can get you the home of your dreams! Contact Midwest Equity Mortgage, LLC today.It's no secret the housing market has been steadily improving over the last few years. Property inventory is low and even though mortgage rates are still very low, many people aren’t ready to make the investment in a new home – or they simply can’t find one they like. That could be why the majority of mortgage applications are actually refinance applications. People are still taking advantage of the favorable rate market for homeowners, but without taking on additional or new debt.

Refinance applications have dropped when compared to the first quarter of 2015. That being said, in early April the mortgage rates dropped to 3 year lows and refinance applications spiked again.

Keep in mind, the Federal Reserve has already begun its tightening cycle and is widely expected to further raise rates as the year progresses. 

So here we are. Rates near three year lows, a tightening cycle underway, and the Fed indicating its desire to raise or “normalize” rates after being highly accommodative for almost a decade.If refinance is something you’ve considered, time may be running out to lock in a low rate. Economic data clearly indicates that the US economy is improving. The unemployment rate has now dropped below 5% after reaching double digits in the depths of the great recession. History tells us an improving economy leads to higher interest rates - not lower.

Midwest Equity Mortgage, LLC can work with you to evaluate your financial situation and how a refinance could save you money now and in the future. We also have loan specialists who are familiar with the latest trends and news in the mortgage industry. They can advise you if and when refinance makes the most sense for your personal needs.

Give us a call today to get connected with a dedicated specialist!

Midwest Equity Mortgage, LLC

855-767-3434 |
Now more than ever, you need to work with someone you can trust. Ask us about our A+ rating from the Better Business Bureau and you will know: you have found your lender! Why are you still waiting for the “big bank” to call you back? Get in touch with someone who cares-TODAY!

All information provided in this publication is for informational and educational purposes only, and in no way, is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Midwest Equity Mortgage, LLC does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Midwest Equity Mortgage, LLC do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

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