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Recent Data Shows that Refinances are Outnumbering Home Purchases
by TODD SMET on JUNE 19, 2013 · 0 COMMENTS
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Recent Data Shows that Refinances are Outnumbering Home Purchases
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Recent Data Shows that Refinances are Outnumbering Home Purchases

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Most of the time the mortgage market moves slowly, leading to a slow response from the general public. However, the month of May saw a significant change. On May 1st the typical rate for a 30 year mortgage was 3.35% across the country. By the time May 31st rolled around the rate had jumped to 3.81%. The market has not seen such an increase since the summer of 2009. Contact us: 877-240-5810 : Website: www.MadisonMortgageguys.com NMLS ID #1016

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Recent Data Shows that Refinances are Outnumbering Home Purchases

  1. 1. Tweet Recent Data Shows that Refinances are Outnumbering Home Purchases by TODD SMET on JUNE 19, 2013 · 0 COMMENTS Like 7 people like this. Sign Up to see what your friends like. Financial markets provide numerous reports. Stocks and bonds in particular are subjected to countless types of reports. The reports help analysts understand the current state of the economy but also provide a glimpse in to the future of rates. Based on the recent information it would seem that rates may rise throughout the year 2013 but overall rates will remain below 6%. Decrease in Purchase Applications Most of the time the mortgage market moves slowly, leading to a slow response from the general public. However, the month of May saw a significant change. On May 1st the typical rate for a 30 year mortgage was 3.35% across st TO D D SM E t Welcome to my mortgage blog. My name is Todd Smet and I am a mortgage consultant with Inlanta Mortgage in Madison, WI. As a mortgage bank we can provide loans using our own funds or we can use the loans and guidelines provided by one of our many lenders. Our wide array of lender relationships provides our customers with the best loan programs currently available today, whether it is conventional lending, FHA purchase loans, or VA loans. NMLS ID #243886 Email Me Toll Free: 877-240-5810 CA t E G O R I E s CO N N E ct W I t H M E : Follow @MortgageMadison SU B sc R I B E Entries (RSS) Subscribe to Email Updates HO M E PA G E Home Page MO R t G A G E PR O G R A M s 40 Year Mortgage Cash Out Refinance H O M E A B O U T U S M O R T G A G E P R O G R A M S C A L C U L A T O R R E Q U E S T C A L L B A C K C O N T A C T U S S U B S C R I B E AVq3DT79http://www.madisonmortgageguys.com/blogs-mortgage-professional/content/refinances-outnumbering-purchases/likehttp://www.madisonmortgageguys.com/blogs-mortgage-professional/content/refinances-outnumbering-purchases/AVq3DT79http://www.madisonmortgageguys.com/blogs-mortgage-professional/content/refinances-outnumbering-purchases/likehttp://www.madisonmortgageguys.com/blogs-mortgage-professional/content/refinances-outnumbering-purchases/
  2. 2. DU Refi Plus Enhancements Effective April 17 Fannie Mae announced this morning that they are enhancing their DU Refi Plus program ... 6 Reasons to Consider Refinancing When mortgage rates drop lots of news outlets proclaim that it is time to refinance. ... Despite the News, Qualifying for a Mortgage is Not That Difficult... The past 3 years have seen some radical changes in mortgage lending. More documentati... Determining if the Costs Warrant a Refinance Lots of recent reports are pointing to signs that the economy is finally recovering. ... the country. By the time May 31 rolled around the rate had jumped to 3.81%. The market has not seen such an increase since the summer of 2009. For this reason a number of people stopped looking for a home. The MBA (Mortgage Bankers Association) reported a decrease in home purchase applications by 20%. Surge in Refinances While purchase transactions may have taken a hit, refinances have grown in number. The number of people applying for a refinance was twice as high as the number of people applying for a purchase. The people that had waited to see if the rates could go lower finally jumped in and chose to refinance their home. HARP is a Strong Player in Refinancing Since its introduction 3 years ago, the Home Affordable Refinance Program has been a main player in the refinance of thousands of homes. Also called HARP, this refinance loan allows borrowers the opportunity to get a better interest on their current mortgage even if the balance on the loan is more than the home’s current worth. Since it was first brought to market the program has been changed once to remove any maximum Loan to Value amounts. This modification tripled the number of people that applied for the loan. Based on the steady climb in property values it is a safe bet that mortgage rates will continue to rise. Whether that rise is sudden or gradual remains to be seen. However, it behooves those homeowners that are still waiting to go ahead and call their lender while they still have time to take advantage of these great interest rates. For additional information visit our refinance page or our HARP refinance page, contact me below or apply online! You might also like: Articles Conventional FHA Mortgage First Time Home Buyer Jumbo Loans News and Updates No Money Down Refinance Reverse Loans USDA Rural Housing VA Mortgage AR c H I V E s June 2013 May 2013 April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 July 2011 June 2011 May 2011 April 2011 February 2011 Fannie Mae DU Refi Plus Fannie Mae Flex FHA 203k Streamline FHA Loans FHA Streamline Refinance First Time Home Buyer Freddie Mac Home Possible Freddie Mac Open Access Refinance Government Loans HARP Fannie Mae & Freddie Mac Interest Only Jumbo Mortgage Lender Paid Mortgage Insurance Less Than Perfect Credit My Community Mortgage No Money Down Loans Refinance Reverse Mortgages Rural Housing VA Loans VA Streamline Refinance RE c E N t PO sts Recent Data Shows that Refinances are Outnumbering Home Purchases Jumbo Mortgages Are Positioned to Make a HUGE Comeback Determining if the Costs Warrant a Refinance The purpose of the inspection: Information for the First Time Home Buyer Possible Ways to Purchase a Home without a Down Payment Common Myths About VA Mortgage Loans Understanding Property Taxes and Escrow Accounts Reverse Mortgages Helping People Ease Towards RetirementArticle by Todd Smet 393939393939393939 777777777 333333333
  3. 3. Sorry, the browser you are using is not currently supported. Disqus actively supports the following browsers: Firefox Chrome Internet Explorer 8+ Safari P R E V I O U S P O S T : Jumbo Mortgages Are Positioned to Make a HUGE Comeback January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009   Blog Catalog Understanding the Calculation of Debt to Income Ratio for FHA Loans Understanding Reserves; One of the Less Obvious Benefits of a USDA Mortgage Tagged as: Addison Refinance, Appleton Refinance, Aurora Refinance, Barrington Hills Refinance, Barrington Refinance, Bartlett Refinance, Bloomington Refinance, Brookfield Refinance, Buffalo Refinance, Burlington Refinance, Carol Stream Refinance, Chicago Refinance, Eau Claire Refinance, Eden Prairie Refinance, Elmhurst Refinance, Florida Refinance, Fort Myers Refinance, Gainesville Refinance, Geneva Refinance, Glen Ellyn Refinance, Green Bay Refinance, Hoffman Estates Refinance, Illinois Refinance, Joliet Refinance, Kenosha Refinance, Lake Geneva Refinance, Lombard Refinance, Madison Refinance, Mankato Refinance, Menomonee Falls Refinance, Middleton Refinance, Minneapolis Refinance, Minnesota Refinance, Monticello Refinance, Naperville Refinance, Oconomowoc Refinance, Palatine Refinance, Panama City Refinance, Park Ridge Refinance, Pensacola Refinance, Pewaukee Refinance, Racine Refinance, Rochester Refinance, Roselle Refinance, Schaumburg Refinance, Shorewood Refinance, St Charles Refinance, St Cloud Refinance, Stillwater Refinance, Stoughton Refinance, Sun Prairie Refinance, Tallahassee Refinance, Villa Park Refinance, Waterford Refinance, Waukesha Refinance, Wauwatosa Refinance, Wheaton Refinance, Whitefish Bay Refinance, Williams Bay Refinance, Wisconsin Refinance As a mortgage bank we can provide loans using our own funds or we can use the loans and guidelines provided by one of our many lenders. Our wide array of lender relationships provides our customers with the best loan programs currently available, whether it is conventional lending, FHA loans, USDA Rural Housing, jumbo loans, reverse mortgages or VA loans. Todd Smet Email Me Toll Free: 877-240-5810 NMLS ID #243886 TODD HAS WRITTEN 43 AWESOME ARTICLES. Subscribe to our feed via RSS or by EMAIL to receive instant updates. Contact me with questions: Toll Free: 877-240-5810 Email: todd.smet@madisonmortgageguys.com
  4. 4. Copyright © 2013 www.MadisonMortgageguys.com All rights reserved. Terms | Privacy Policy | Licenses | Contact Us INLANTA is a trademark of Inlanta Mortgage, Inc. MY LATEST TWEETS Error: Twitter did not respond. Please wait a few minutes and refresh this page. REQUEST CALL BACK Request a call back from a licensed mortgage professional. Your Name (required) Your Email (required) Your Phone Number (required) Best Time to Contact (required) Enter the CAPTCHA Code RECENT POSTS Recent Data Shows that Refinances are Outnumbering Home Purchases Jumbo Mortgages Are Positioned to Make a HUGE Comeback Determining if the Costs Warrant a Refinance The purpose of the inspection: Information for the First Time Home Buyer Possible Ways to Purchase a Home without a Down Payment Common Myths About VA Mortgage Loans Understanding Property Taxes and Escrow Accounts Reverse Mortgages Helping People Ease Towards Retirement Understanding the Calculation of Debt to Income Ratio for FHA Loans Understanding Reserves; One of the Less Obvious Benefits of a USDA Mortgage Majority of Homeowners are Refinancing to Improve Their Mortgage Debt Rather than Cash Out CONTACT US Todd Smet NMLS ID #243886 368 Junction Road Madison, WI 53717 Toll Free: 877-240-5810 www.madisonmortgageguys.com info@madisonmortgageguys.com Socialize with us: Send

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