I wonder if we are heading into more refinances. I’ve been seeing homeowners refinance loans from less than a year ago to get their interest rate down. It surprises me to see refinance so close to the original loan because they are re-financing their first closing costs and some of the closing costs I see are just gigantic.
Here’s hoping 2025 is a busy year.
I have seen in MO, OK and KS many refinance home loans,some have been Covid related as well. But during the month of Dec I have seen a decline in signing. I am attributing the decline due to the holidays/end of year. What are youjr thoughts.
We can only hope. There are so many other variables to consider, such as wage projection growth rate for 2025 is expected to increase by 3.5% to 4%. At the same time, food costs are going up 2.4%. “Companies that announced Major Layoffs and Hiring Freezes in 2025 (Companies that announced Major Layoffs and Hiring Freezes | Intellizence)”. Not to mention government policies changes as a new administration comes into office. It’s just to unpredictable to know what to expect.
Just did a re-fi on a loan from March 2024. A lowered interest rate and payment. But the homeowners need 26 months on this mortgage before closing costs are paid. I’m not sure how many signers read that part. March was not that long ago.
This time line is reasonable. I have done several of the refinancing, many have had the original load for several years
This tends to make sense as may now be paying on interest and principal. I would not want to have any other financing than a fix rate and if put a larger down if possible
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Clients are not looking at the closing costs,…how many months will they need to recoup just because their rate dropped from 7.25 to 6.125%. Plus refinancing back to a 30 year term,… they should opt for a lower term. Just my input.
I’m seeing some numbers that make me wonder if we’re headed for another semi crash folks are refinancing up to the very hilt of their property like there won’t be a tomorrow. Income to debt ratios shock me. It’s always the same lenders, too. Paying over 20 grand for a mortgage seems insane.
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