The rate for a 30-year fixed mortgage loan declined by 3.9 percent this week. The rate for a 15-year fixed mortgage also fell this week from 3.19 percent to 3.17 percent. 

These rates declined across the United States due to the influx of Americans choosing to finance their new home purchases. The applications for mortgaging houses increased by 8.2 percent this week, which was the highest in the past six weeks.

Experts believe the reason for this incline in applications is due to the declining house prices in the market, making the property more affordable for purchase.

If you are considering refinancing your home, you need experienced representation on your side in order to understand your financial options. Please contact the Maryland mortgage refinancing lawyers of Chaifetz & Coyle, P.C. by calling 443-546-4608 today.  

President Obama's refinancing program, HARP (Home Affordable Refinance Program), is making changes.  For homeowners current on their loans, the program will allow them to take advantage of low mortgage rates.  The motive behind these changes are to stimulate the economy and steady the housing market.  Experts believe this will have only minor effects on the current market.  Some changes include allowing more homeowners to participate and no longer limiting participation to borrowers with loans no more than 25 percent greater than their home's value.  According to the administration, 1 million more homeowners may qualify.

 If you are considering refinancing your home, it is important to have experienced representation on your side to advise you on your financing options.  Contact Maryland mortgage refinancing lawyers at Chaifetz & Coyle, P.C. at 443-546-4608 today. 

According to the Mortgage Bankers Association's weekly survey, mortgage refinancing increased by 11.2%. This is the third consecutive week refinancing has been increasing. Last week, mortgage applications also rose by 9.3% following the Federal Reserve's stimulus measure, "Operation Twist."

Operation Twist aims to keep long-term interest rates low by buying even more mortgage-backed securities. Experts say the Federal Reserve will have to keep interests rates low for a prolonged period of time in order to gain back consumer confidence.

If you are considering refinancing your home or would like to learn more about refinancing options, contact the Maryland mortgage refinancing lawyers of Chaifetz & Coyle, P.C. at 443-546-4608.

The nation has recently seen an increase in people wanting to refinance their mortgages as mortgage rates have reached an all-time low for the year. As of now, the 30-year rate is at 4.5 percent, which is the lowest rate this year.

Refinancing is not a way to profit off of a mortgage, but it can help homeowners save cash flow, meaning that they will spend significantly less on interest rates. Keeping a constant eye on mortgage rates and refinancing when it is most advantageous to do so will keep more money in the pockets of homeowners.

Some financial experts have stated that they suspect mortgage rates will continue to decline, which is good news for homeowners who wish to refinance their mortgages.

If you or someone you love would like more information about refinancing a mortgage, please contact the Maryland mortgage refinancing lawyers of Chaifetz & Coyle, P.C., at 443-546-4608.