The percentage of refinance loans increased to 55% in March, with growth occurring across every type of loan. The average interest rate for 30 year fixed rate loans in March was the lowest it has been since January of 2013.
According to a February 12, 2020 article, written by Jann Swanson for Mortgage News Daily, “Refinancing was up for the third straight week, adding 5 percent to that index which is now 207 percent higher than on an annual basis. The share of applications that were for refinancing grew to 65.5 percent; 1 percentage point higher than the prior week.”
With interest rates dropping, and home values increasing, millennials have taken action and are a driving force in the home refinance market.
Increased residential property values combined with the lowest mortgage interest rates since October 2016 has driven a Refinance Boom. The increase in residential prices has slowed the purchase market some, but when combined with the low interest rates it has opened a great opportunity for those homeowners who can benefit from a refinance.
If you haven’t refinanced lately, it is time to consider taking advantage of low rates. According to an article on Mortgage News Daily there were over 8 million properties that are considered to be refinanceable in June 2019.
A cash-out refinance provides you access to the increased equity value of your home. With low interest rates this can be an attractive option to many homeowners.
The Joy of Home Ownership is certainly one of life’s great highlights, but the joy becomes mixed with questions and concerns when the property tax bill arrives in the mailbox. Homeowner’s understand property taxes provide needed funding for schools, libraries, police & fire departments, road improvements & other infrastructure.
However, what many homeowners do not understand are the factors that may cause their property taxes to increase. If your property tax bill reflects an increase over last year, here are the most common reasons that may be the cause: