A lot of borrowers are refinancing mortgages. Should you?
In the last week of October, mortgage applications rose 3.8% from the week before, according to the Mortgage Bankers Association. Much of that boils down to refinances. In fact, refinances comprised almost 69% of all mortgage applications during that time.
A big part of the reason so many borrowers sought to refinance in late October could be that beginning Dec. 1, there will be a new 0.5% fee tacked onto refinanced mortgages. Since it can easily take 30 days (sometimes more) to close on a mortgage refinance, it makes sense that borrowers sought to beat the fee and get their applications in.
But the question is: Should you get in on the refinance action?
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