Mortgage Rates Continue To Fall To All-time Lows
Consumers struggling with high mortgage payments and debt may wish to refinance their home loans, according to a new report.
Given the current low interest rates, consumers' credit and debt history are important if homeowners wish to secure the best loans.
Since mortgage rates remain at all-time lows, ranging from 4 to 4.5 percent for some borrowers, refinancing can lead to big consumer savings, NPR says. However, due to the increased competition for new loans, many may not be able to secure the best rates.
"Lenders are still pretty skittish because of the high level of mortgage defaults, and borrowers have to bring more to the table than a smiling face," Greg McBride, of Bankrate.com, told NPR.
The Mortgage Bankers Association expects high credit scores, increased equity and stable income-to-debt ratios to remain important to lenders given the current climate of economic uncertainty, the news source says.
Consumers looking to refinance should note that interest rates are expected to rise only 1 percent - to 5.5 percent - during the next two years.
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