Swings in mortgage rates are usually the first factor in determining whether an individual will go ahead with the purchase of a property. The average mortgage rate fell below the expectations to a 9 month low. For potential home buyers and people looking for refinancing options, this is an optimal time to look at a more affordable mortgage plan.
If you are planning on waiting and hoping for property prices to fall, you may miss out the low mortgage rate right now if they climb back up. Market analysts do not expect a further fall either in rates or property prices for the foreseeable future, any lower than they are today. A shortage in both existing and new construction of property means that a further reduction in prices is not possible.
On the other hand, lower interest rates now mean that millions of homeowners who still have mortgage payments left can apply for lower mortgage costs through refinancing. An increasingly popular way of taking advantage of lower mortgage rates is through cash-out refinancing. These entail that owners can
draw cash from their home equity and lower their interest rate. Due to the declined mortgage costs, cash-out applications have been increasing in numbers.
Cash-out refinancing is extremely beneficial when one is planning home upgrades or just improving their financial situation. Today’s market has some of the greatest rates in recent times. Make use of the e-Finance Mortgage quick quote calculator to better assess your situation. Check to see how you stand to benefit from the current market conditions.