The numbers are out and according to the Mortgage Bankers Association 75% of mortgage applications in the first 2 weeks of December were for mortgage refinance. Low mortgage refinance rates have driven applications. What’s surprising is that there are people out there who haven’t done it yet. For the past year mortgage rates have been unusually low and home values continue to decline. Most anybody who can refinance today could of done it 8 months ago. That being said, though mortgage refinance application make up 3 out of 4 mortgage apps, refinance activity isn’t that great. Not compared to the refinance boom of 2006 and 2007. The majority of mortgage refinance loans are Fannie and Freddie backed conforming mortgages. Jumbo mortgages have been tough to come by with all the equity homes have lost since the meltdown. FHA mortgages are being originated mortgage for purchases attractive because of the low down payment.
Current Mortgage Refinance Rates
Current mortgage refinance rates are up from all time record lows documented just 3 weeks ago. Still mortgage refinance rates are near the all time lows and are historically low. Yesterday we saw a slight improvement in mortgage refinance rates as the 30 year fixed refi rate moved from 4.875% down to 4.75%. 15 year fixed mortgage refinance rates are as low as 4.25%. 5/1 ARM refi rates are as low as 3.75%.
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