Mortgages rates are low. Is it time to refinance?

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Mortgages rates are low. Is it time to refinance?

Mortgage applications went up nearly 50% last week, the strongest weekly gain since November 2008. The rates are at their lowest levels since May 2013. The mortgage rate on a 30-year fixed rate mortgage was down to 3.86%. It was 4.46% a year ago, according to Freddie Mac.

At these rates, many owners are rushing to refinance. People refinancing their mortgages made up over two-thirds of last week’s applications.

Mortgage rates are dropping because of low inflation, a strong U.S. dollar and a tame housing demand over the holidays.

The low interest rates are also creating more jobs. Building employment increased 7% in December from a year ago.

By | 2017-01-24T12:19:38+00:00 January 15th|Categories: Economy, Interest rates, Mortages, US Dollar|Comments Off on Mortgages rates are low. Is it time to refinance?