July 11th, 2016 10:42 AM by Ron Mastrodonato
For homeowners, a refinance makes more sense by the minute.
Rates are falling, pushed downward by a continuous string of rate-favorable news, the most notable of which being "Brexit," or Britain's vote to exit the European Union.
The move shocked world markets, and rates sank.
Mortgage lenders are now quoting 30-year fixed rates approaching 3.25% for well-qualified applicants, and fifteen-year loans are in the 2s.
Rates are so good, in fact, that there was only one other time in history when rates were better -- and then, only slightly. Homeowners are taking advantage. They are converting their 30-year fixed mortgages to 15-year loans with only modest increases in their payments each month.
And, as home prices rise, households are tapping into their newfound equity with acash-out refinance to pay off high interest rate college loans, credit cards, and other debt, at very low interest rates.
If you've been considering a refinance for any purpose, now is the time to check rates.