According to the Mortgage Bankers Association (MBA) Market Composite Index, the Refinance Index is 50 percent lower compared to the same week one year ago, in January 2021. During the same week there was a small uptick over last year in purchase mortgage activity.
Mortgage refinance rates are at such a low point that, according to a recent article on CNBC.com, nearly 20 million home owners could save money if they refinance now. Are you one of the 20 million?
A cash-out refinance provides you access to the increased equity value of your home. With low interest rates this can be an attractive option to many homeowners.