Fewer homeowners are refinancing as the fourth quarter approaches.
As reported by CNBC, refinance volumes have dropped drastically in the second and third quarter. Unlike the positive news in home sales, current mortgage rates have been on the higher end of averages over the past two years. Homeowners prefer to lock in their rates to avoid increases that are expected to follow tapering of the Federal Reserve Bank's bond-buying program.
New homebuyers are signing on mortgages while rates are down in September, and they too want to lock in their rates before any major increases.
As more property owners are getting above water with their property valuation, current interest rates are actually not as bad as they seem . New buyers are willing to spend their money in the market because mortgage rates are fitting for the prices. If rates were not manageable, there would not have been growth in existing-home sales seen during August.
Homeowners should take note of the market's favor for people looking to sign a mortgage agreement. Property values are going up now, and they are expected to plateau. Refinancing with today's rates is a better plan than waiting for them to increase and become less aligned with property valuations.
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