Mortgage Refinancing Applications are Up

(Undated) – If you have been thinking about refinancing your mortgage, now may be the best time to do it. According to the Mortgage Bankers Association, mortgage refinancing applications are up nearly 20 percent as rates fall to their lowest levels since July. They say the average 30-year fixed mortgage rate fell to seven-point-zero-seven percent last week after edging nearly up to eight in October. MBA’s chief economist said data also pointed to a “slowing economy and support a pivot by the Federal Reserve to begin cutting rates next year.” He said there was a particularly significant increase in Federal Housing Association and Veterans Affairs refinance applications.