The Mortgage Refi Boom Of 2011 Has Officially Begun

Mortgage rates are dropping. There's an MBS winning streak going on.

Here Comes The Refi Boom Of 2011

We're on the precipice of something big. A wave of uncertainty about Greece and its debt, plus weaker-than-expected economic data at home, has dropped conforming 30-year fixed rate mortgage rates to levels not seen since December 2, 2010.
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It's been 8 straight weeks that mortgage rates have dropped. 8 weeks. Not even last year's epic Refi Boom produced a winning streak of 8 weeks. This year's streak is historic.
The 30-year fixed rate mortgage now averages 4.49% nationally. It's down 42 basis points -- or 0.42% -- since early-April. For every $100,000 borrowed, that yields a monthly payment difference of $25.24.
Adjustable-rate mortgages have shed even more, giving back 50 basis points since the streak began.

Mortgage Rates Vary By Region

Relative to earlier this year, it's an excellent time refinance a home or buy a new one. Mortgage rates are down and may even be lower than what Freddie Mac reports in its survey. This is because Freddie Mac gives a national average. Locally, rates may be lower or higher.
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• Northeast Region Average : 4.49 with 0.6 points
• Southeast Region Average : 4.52 with 0.8 points
• North Central Region Average : 4.52 with 0.6 points
• Southeast Region Average : 4.52 with 0.6 points
• West Region Average : 4.45 with 0.8 points

You'll notice that, in the West Region, rates tend to be lowest and fees tend to be highest. This is because loan officers in the West Region tend to quote loans with "1 point" standard. This results in lower rates for borrowers and applicants, but higher fees.
The opposite is true in the North Central Region where fees tend to be lower, and rates tend to be higher.
Neither system is better or worse -- choose the setup that works best for you. If getting the absolute lowest mortgage rate is more important to you than getting the absolute lowest fees, for example, just ask for it. Your loan officer should be able to walk you through your options.
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There's a Refi Boom Starting. Don't Watch It Pass.

Mortgage rates look like they'll fall some more, but don't sit by and wait for something better.
History has shown that mortgage rates can -- and do! -- change quickly. And because rates are unnaturally low to begin with, once they start to worsen, they should worsen in a hurry.
Exploit today's market while you still can. Click here to get a rate quote and be a part of this year's blooming Refi Boom.

Contact The Mortgage Mark with any questions!

www.themortgagemark.com

mark@themortgagemark.com