The lowest FHA mortgage refinance rates in history have been reported by many lenders and websites including Zillow.com and BankRate.com. With FHA refinance rates at these historical lows below 5% it comes as no surprise to see refinance activity pick up throughout the month of July.
At the beginning of August there could be quite the interest in refinancing as many Americans look at their expenses and finances at the beginning of the month. When many of these homeowners see that FHA mortgage rates are under 5% it may spur a refi boom that the country has not seen in some time.
When homeowners are looking to refinance it is generally the case that they must save at least one full percentage point to cover closing costs. With closing costs being a big part of any mortgage application process it is important to realize that these expenses can add up and ultimately outweigh the benefit of refinancing in some instances. Most mortgage lenders provide the information needed when it comes to closing costs and how much needs to be saved on a mortgage interest rate to cover these costs.
Author: Mike Garner
http://subprimeblogger.com
Hi,
ReplyDeleteThis is an interesting concept. FHA mortgage loans have specific rules about credit, employment history, verifiable income and more. However, there is often confusion over the rules. Thanks..