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Is it time to refinance?

Posted by kim carpenter on October 1, 2019
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Is it time to refinance?

Many of you may have heard that mortgage rates have been falling. With rates declining almost an entire percent and a half from the peak of November 2018, homeowners are less likely to feel `locked-in’ to their current mortgage and open to explore refinancing.

According to the Mortgage Bankers Association, we have reached the lowest mortgage rates since 2016 and mortgage originations will reach a three year high. Fannie Mae recently released a forecast stating that has 30-year fixed mortgages rates are to fall to an average of 3.5% in the 4th quarter.

There are many factors leading to the recent number of refinances. Obviously, low rates have a lot to do with It, but also the increase in home values. Many consumers are using their equity to refinance and eliminate private mortgage insurance (PMI) even though the rate may be a minimal change. Many others are leaving FHA loans to go with conventional loans as most FHA loans have permanent PMI.  Many others are doing cash out refinances to pay off other debts, including high credit card balances. About 8.2 million homeowners with 30-year mortgages currently are “refi eligible,” meaning there’s a difference of at least 0.75% between their existing mortgage rate and the currently available rate, according to Black Knight. That’s the highest number since 2016, the firm said. Often times with rates at current levels, refinances could come with credits that pay the loan costs.

If anyone would like a free consultation to have their current mortgage statement reviewed to find out if a refinance is in their best interest, I would be happy to review. Please feel free to reach me by email at or 812-870-6316.



Vice President of Lending – Indianapolis

NMLS# 564051

CME Lending Group LLC

Mobile: (812) 870-6316

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