Has Refinancing Lost Its Appeal?
Posted on | February 7, 2009 | 5 Comments
Refinance was the buzz word of the real estate market at the end of 2008 and the beginning of 2009 but has seemed to lose some of its appeal. Looking at the google trends chart for refinance shows that the peak for interest in refinancing was in December of 2008. Rates were very close to 5% at that time and had fallen quickly from near 6%. Now that rates have been hovering around 5% since then, it seems that Americans are starting to get accustomed to the idea of low interest rates. Are there other reasons refinancing has lost its appeal?
Another important reason that refinancing could be losing its appeal is the fact that many home owners who are applying for a mortgage are not getting approved. After going through this process, it is likely they are telling friends and family and this is causing a lack of interest in these low rates. It seems that only the best borrowers even have a shot at refinancing at a remotely low rate in this current housing market.
If you are someone who has been smart with your money, now is a GREAT time to refinance. Do not let others tell you that you cannot get approved. You will never know until you try. There are many markets where lenders are doing anything they can to get borrowers in the door. Do your research, get some quotes and give it a shot! We would be interested in hearing how your refinancing adventure goes. If you would like, we can publish your story if you would like to write one.
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The Lazy Homeowner’s Way to Refinance
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5 Responses to “Has Refinancing Lost Its Appeal?”
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February 7th, 2009 @ 6:52 pm
[...] Random Feed wrote an interesting post today onHere’s a quick excerptRefinance was the buzz word of the real estate market at the end of 2008 and the beginning of 2009 but has seemed to lose some of its appeal. Looking at the google trends chart for refinance shows that the peak for interest in refinancing was in December of 2008. Rates were very close to 5% at that time and had fallen quickly from near 6%. Now that rates have been hovering around 5% since then, it seems that Americans are starting to get accustomed to the idea of low interest rates. Are t [...]
February 7th, 2009 @ 10:18 pm
[...] Has Refinancing Lost Its Appeal? [...]
February 8th, 2009 @ 6:31 am
yes, well iam going too give it a shot there are some banks in the area offering 4.5 with no points, i have been smart with my money over the years and never got caught up in buying the mecerdes or making the house bigger..i did see this all comming in 2005 when i sold one one my homes sold out the area was getting depressed so i said its now or never sold in a day in a crazzy market that people will buy anything too flip, well they got fliped.. and now the american people fliped out.i have one mortage at 6.5 and another at 5.5 so i need too get under 5 or close too 4 which i really think will happen soon enough , the only way the our country is going too get rid of all theasse home is too drop interest rates…and the flood will come hoping you have a job when it comes and the 15000 too first times home buyers shopuld be ammended too all buyers.1st time home buyers usually dont have alot of money , people who own home or two will take the chance with another property if theres something in it for them ..but all in all i like obama but i think its time we get rid of all the junk in wsshinton like mrs polosi, barney frank, peter king,etc there time has come retire or get the hell of office its time for the new america too emerge we need some young people too run for office……. thanks for reading
February 8th, 2009 @ 6:32 am
15000 tax credit too all not just first time home buyers what are the politicans thinking about
February 9th, 2009 @ 7:31 pm
[...] Has Refinancing Lost Its Appeal? [...]