The Mortgage Bankers Association said today that applications during the week of October 23rd decreased at roughly 3.5% -- adjusting seasonally from the previous week.
Granted the accounted for data increased 7% on an unadjusted basis, taking into account for Columbus Day. While this news is not shocking, the Refinance Index decreased 4% from the previous week, remaining the same in comparison to the week prior at 59.4%. Applications for government backed mortgages also tapered off slightly from higher levels last week. The share of FHA decreased from 14.3% to 13.7%.
Is now a good time to refinance? Yes. For more homeowners, it’s still a good time to refinance. Interest rates have risen from the record lows we witnessed a couple of years back, but mortgages remain incredibly cheap in comparison. Reach out to your loan officer today to go over your situation to see if there is room to save money.