Refinancing a mortgage has become a popular option for current homeowners in the last year or so, as rates have held steady at well below 4 percent for some time. However, new data show that in general, the number of people who also use the refinancing opportunity to shorten their loan terms is shrinking. In… Read More
I looked at the rate sheets today and I am almost astounded to see that 30-year fixed rate mortgages are back down to 4.5 percent. I wonder where everyone is. A 5/1 ARM is at 3.75 percent and you can even get a $1,000,000 5/1 loan for 4.75 percent. These are terrific rates, and last spring when rates were like this, we were working on Saturday to keep up with the frenzy. Where did everyone go?