Despite the fact that a greater number of borrowers are taking advantage of considerably low mortgage rates, housing experts believe that mortgage applications should be higher than what they currently are.
Per the Mortgage Bankers Association (MBA), total mortgage applications rose over 2.5 percent during the beginning of the month, including applications for home purchases and refinancing. This increase was largely attributed to the uptick in applications involving refinancing which increased by four percent when viewed week over week.
Because of rate levels, there are plenty of borrowers that can still see tremendous benefit, but there are also plenty of homeowners that have already seized upon the refinancing opportunities and therefore are not quite as incentivized to do it again. Interest rates for a 30-Year Fixed and 15-Year Fixed mortgage are currently at about 3.625% and 3.000%, respectively.
In recent company activity news, we successfully closed another deal on September 21st for a $60,000 investment condo in the city of Miami with a loan to value rate of 55%. Contact us today to learn more about our hard money lending opportunities.
This update is provided by hard money lenders Florida company M & M Private Lending Group. We have over three decades of experience specializing in private money real estate loans and we pride ourselves on providing our esteemed clients a service that’s personalized while delivering low rates and closing costs. We also offer mortgage note investments and have worked extensively with brokers and affiliates. Call 305-363-7169 to speak with a lending representative or visit our website to fill out an application form.