With mortgage rates so consistently low, it isn’t surprising that so many property owners are turning to refinancing. South bay home owners may find that they enjoy their neighborhood, like their property, and don’t want to sell, but see that current mortgage rates are much lower than the one they originally obtained. Refinancing your South Bay home just makes sense if your current interest rate is anywhere over 5%. In fact, more homeowners across the country have been applying to refinance their homes because it just makes sense no matter where you are or what you paid for your home to have a lower interest rate.
This past week, refinance applications made up more than half of the total mortgage applications in the USA. Mortgage rates have not been rising, and are at historical lows – the lowest they have been since spring of 2013. New home purchases are looking incredibly attractive to potential South Bay home buyers, but current owners also see the sense in taking advantage of these low rates while they can.
