Now may be one of the last opportunities to refinance. Nearly three million home owners have taken advantage of refinancing with Government programs like the “Home Affordable Refinance Program” (HARP). You too could be saving hundreds of dollars every month.
The HARP program is specifically for home owners with little or no equity.
Most HARP refinance loans do not require an appraisal.
Fewer income verification requirements.
Its Simple Easy & Fast.
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WASHINGTON, D.C. (March 9, 2016) – Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 4, 2016.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.89 percent from 3.83 percent, with points decreasing to 0.38 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.81 percent from 3.75 percent, with points remaining unchanged at 0.31 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.71 percent from 3.67 percent, with points decreasing to 0.37 from 0.40 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.14 percent from 3.13 percent, with points increasing to 0.41 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.20 percent from 3.02 percent, with points increasing to 0.32 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
Sources: MBA, CNBC, Bloomberg