Your money: Buying or refinancing? The mortgage rate frenzy is back

NEW YORK - Mortgage rates are nearing historic lows again in the United States, making it an ideal time to buy a home - or refinance.

Although mortgage rates are tied to the U.S. benchmark 10-year Treasury note, they are sensitive to global economic trends.The people who need to pay the most attention are homeowners who are eligible for refinancing. Some 6.8 million borrowers currently could benefit from a refinance, according to analysis by Black Knight, a mortgage data analytics company. Borrowers on average would save $268 a month.

Banks usually frown upon it, but motivated homeowners can make it happen. One such individual is Zachary Pardes, a 32-year-old advertising director who bought a house last year with his wife in Fairfield, Connecticut. While they tried to purchase a house with a 3.5% rate like many of their friends and family, they missed out and ended up with 4.5%.

The number of millennial buyers doing cash-out refinances also spiked, Sopko said. In a cash-out refinancing, homeowners remove a portion of equity from their home while adjusting their loan rate.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ECB Signals Possible Rate Cut, Bond-Buying ExtensionEuropean Central Bank President Mario Draghi signaled that the bank could cut interest rates or expand its giant bond-buying program as soon as its next policy meeting in July, sending stocks higher and the euro lower against the dollar. “man commits to doing more of the things that don’t work” film at 11. „Insanity unlimited“ continues. Soon the bill will come with a new financial crisis in Europe! 😮
Source: WSJ - 🏆 98. / 63 Read more »