Interest rates have bottomed out during the summer of 2019. This is due partly to somewhat slow purchase demand but this is good news for anyone who already owns their home.
Interest Rates are at 15 Month Lows!
Rate Term Refinances are very popular when the customer simply wants to improve the terms of his/her loan. It also comes into play when the customer wishes to remove mortgage insurance. This is typically done with a conventional loan when the balance of the mortgage gets to be 80% or less of the appraised value.
Cash out refinances are very popular when homeowners wish to consolidate debt or perhaps do a home improvement. FHA financing is great for this because a cash out finance can go up to 85% loan to value.