Millennials race to refinance on lower mortgage rates, shrink closing times

We already knew Millennials were selfish and bad savers, so it probably comes as no surprise that they don’t know the first thing about closing costs.. They just seem to know that they want to buy a home, regardless of the costs involved, which I suppose is somewhat bittersweet to those in the industry.

Taking into account property tax and homeowners insurance from NerdWallet’s mortgage calculator, we found a debt-to-income ratio for millennials of 37%, which is just above the high end of the.

For the 12-month period ended in May 2018, average closing times for purchase and refinance loans combined were about 42 days, according to Ellie Mae, a mortgage industry technology provider.

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Another common grouping method are the interest rates for the pool of loans that make up a mortgage-backed security (MBS) or other securitized mortgage product. 60-plus delinquencies are less than 90 days past due, and have not yet entered the foreclosure process -.

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The average rate on 30-year fixed-rate mortgages has gone up to 4.12%, from last week’s 4.17%, reports mortgage giant freddie mac. One year ago, the benchmark mortgage rate was much higher, averaging 4.47%.

Millennial homeowners took advantage of April’s drop in mortgage rates by quickly securing refinance loans, which closed faster than purchases for the first time since March 2016, according to Ellie Mae. The average 30-year note rate fell to 4.61% in April from 4.75% in March, prompting the share of refinance loans closed to bump up [.]

The Pros of Refinancing. Many people with fixed-rate mortgages who refinance are motivated by the opportunity to snag a lower interest rate. Small differences in interest rate make a big difference. Compare two 30-year mortgages of $240,000. One carries a 4.00 percent interest rate, and the other carries a 4.25 percent interest rate.

 · Cash-out refinance may still be deductible in some situations.. Remember, when you refinance, you are paying off your existing loan and taking out a new one. The goal is to lower your interest rates while doing so.. Your lender will charge closing costs on a refinance, costs that could run in the thousands of dollars..