Mortgage Rates Too Good To Ignore
by: Jack Williams, October 1, 2011 1:10:22 am
This week's rates are about as low as Houston Capital Mortgage president Stacy London has ever seen. Freddie Mac reports 30-year rates at around 4 percent and 15-year rates at low as 3.4 percent. London says that has meant an increase in business for her.
"We're probably up about 20-25 percent over the past 90-days just as a function of the lower rates."
London says Houston's relatively stable housing market and the low rates are causing some homeowners and homebuyers to consider new loans.
"I think there's been a great deal of uncertainty and fear that probably kept a lot of pent-up demand back on refinances. People have seen the economy faltering a little bit and they've been a little unsure to pull the trigger on this particular refinance boom compared to other ones in history. So even though rates have been nice and low now for almost a year, we didn't really see the big influx in refinance activity until about the last 90 days."
London says it still isn't easy to get a new loan or refinance and that stricter lending guidelines have made it hard for some to take advantage of the low rates.