Refinancing Rush

Homeowners took advantage of low refinancing interest rates last week and are about to reap the benefits.  The Mortgage Bankers Association Weekly Applications Survey showed applications spiked to the highest level in more than three years.  And there’s a good reason why. Interest rates are at record lows according to the survey. For a 30-year-fixed rate mortgage for a home of $417,500 or less, the interest rate was 3.53% with upfront fees, or points, costing 0.35. For pricier property the interest rate was 3.82% with upfront fees at  0.36.  And FHA mortgage rates for a 30-year-fixed rate mortgage were 3.37%

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Barbara Nevins Taylor

As the winner of 22 Emmy Awards and a slew of journalism honors and awards, I created ConsumerMojo.com to give you the straight story about complicated stuff. Tell us what you want to know and we'll get you the answers.