People who brought homes in the past 2 years could see 'significant' savings by refinancing now

📆 8/28/2019 2:20 PM

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📆 8/28/2019 2:20 PM
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Home loan rates are down about 1.25% from their 2018 peak, 'which can translate to $2,200 a year in savings on a $250,000 mortgage,' says Mortgage Bankers Association CEO Robert Broeksmit.

Despite it being an opportune time to refinance, Broeksmit said mortgage applications to purchase a home are lower than what would be expected with home loan rates so low.Overall mortgage application volume last week dropped 6.2%.

"With rates so low, we would expect to see purchase applications increase," Broeksmit said. "But there is still a supply constraint. There are not enough homes for sale, both new and existing homes, to meet the demand. "It's especially difficult for first-time homebuyers where prices have gone up more quickly than they have in the broader market," he added.– are likely contributing to the mismatch between expected purchase applications and reality.

One bright spot for homebuyers, however, is the slowdown of home-price growth. Home prices rose 3.1% annually in June, compared to up 3.3% in May,"It's a healthy thing that home price growth has slowed to a point where it's about equal what wage growth has been," he said. "If it's rising much faster than wages, then it's unsustainable and could set ourselves up for a fall.

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