Rates Fall, Mortgage Refi Activity Jumps

Mortgage rates have been low for a while. Recently they just went a bit lower.

At the same time, refinancing activity is surging. As a result, some say that rates won't go lower. With all the demand from consumers, why would banks lower rates further?

According to Marketwatch.com:

"The 30-year fixed-rate mortgage averaged 4.98% for the week ending March 19, down from 5.03% last week."

Borrowers are piling in to these low rate loans, but of course you have to have good credit to qualify for the best rates. If you haven't looked at your mortgage loan lately, it's probably worth your time to at least run a quick comparison.

Further reading:

• Mortgage Refi - Definition and Basics
• Mortgage Loan Calculators