CNBC reported this past week that mortgage refinances increased by 22 percent over last week. The total volume of mortgage refinances are 41 percent higher than the year before.

Part of this boom was due, in part, to the rates dropping to their lowest since May of 2013, however, rising home values have become an additional motivation for homeowners taking advantage of their refinancing options.

“This increase was largely due to mortgage rates dropping to their lowest level since May 2013. However, the recent reduction in FHA mortgage insurance premiums also played a role: FHA refinance applications increased 57 percent last week,” said Mike Fratantoni, MBA’s chief economist.

If you are looking for refinance your mortgage, talk to the experts at Real Estate Closing Solutions. We will help put you in touch with a mortgage lender that will assist you with your loan refinance.
To learn more about the services that Real Estate Closing Solutions offers, contact us today by visiting us online or calling 407-440-5025.