Crab Apple Web Logs

What a difference a year makes.  Just last January, mortgage rates were at nice low levels with benchmark rates hovering in the 5.5 percent level.  Refinance application levels soared as savings hungry homeowners gobbled up the low mortgage rates.  Then, just as quickly as they appeared, the low rates drifted upward to over 6 percent during the year.

A new January is here, and guess what?  Yes, low mortgage rates are here again.  And what’s more, they are even lower than last years lows.  The benchmark 30 year fixed mortgage rate is now below 5 percent.  Refinance applications have rocketed even higher than last year and homeowners are refinancing into some seriously beneficial new home loans.