Monday, January 26, 2015

Low Rates Too Good to Last?

If you have been thinking about refinancing, it is the time to take action.  Many folks sit back and wait for "the best deal"  Rates are currently at two year lows, which means another chance to get the "best" deal for folks who missed the last refinance opportunity two years ago.  (and paid a lot of extra interest over those two years!)  How do you know you will benefit?  There is zero obligation to get a free rate quote from Lord Mortgage.  
 
Refinance boom started last week.  According to Mortgage Bankers Association's weekly survey, volume of refinance applications jumped 22% this week as compared to last week.  It means there was a 66% increase in applications and borrowers trying to lock in loans since last week. 
 
 
"We all know that at some point the Fed is going to raise rates," says Jim Sahnger, a mortgage planner for Schaffer Mortgage in Palm Beach Gardens, Florida. That could happen as early as the middle of the year or even next year, depending on what the Fed decides.

"For people who are sitting out there with rates over 5 percent, it makes sense for them to do something now," he says.

Stearns agrees that borrowers shouldn't try to time the market.

"When rates go down, it is very gradual," Stearns says. "When they go up, it's a blink of an eye. You never know when it is going to happen until it does.  Bankrate.com

Thursday, January 22, 2015

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Mortgage Rates are at a TWO YEAR Low. Call 717-691-1450 to lock-in the Lowest Mortgage Rates in PA