Fixed and adjustable refinance mortgage rates fell again today; if you’ve been on the fence about refinancing there is no better time than the present. Keep in mind that some of the refinancing rates you see advertised include hidden fees; however, investing a little time fee shopping can literally save you thousands of dollars out-of-pocket at closing. Here’s an article on MortgageLoan.com with today’s scoop for mortgage rate shoppers:
Homeowners rushed to take advantage of falling interest rates last weeks, as applications to refinance a mortgage reached their highest level in six months. Mortgage refinance applications jumped more than 26 percent last week, according to figures released today by the Mortgage Bankers Association (MBA), as conventional mortgage interest rates fell to their lowest levels on record.
Remember that many of the mortgage refinancing quotes you get from today’s best mortgage lenders like my Amerisave Reviews often include discount points as a condition of qualifying. This means you’re paying an extra fee to buy down that mortgage rate at closing. The more you pay out-of-pocket closing on your refi the longer it’s going to take to break even recouping your expenses. If you’re not able to break even due to overpaying the mortgage loan origination fee or lender junk fees then you’re losing money no matter how low your new interest rate.
You can learn more about getting today’s lowest refinance rates without paying unnecessary fees or markup by checking out my free Underground Mortgage Videos.