Loading
Search
NEWS STORIES

Low mortgage rates spark refinancing debate in the United StatesSubmitted: 10/14/2019
Story By Ben Bokun

Low mortgage rates spark refinancing debate in the United States
RHINELANDER -
Mortgage rates are low.

So low, in fact, some people in the United States wonder whether it's a good time to refinance a property or not.

"When interest rates are low, yes, it's a very good time to refinance. It's a very good time to be a buyer," said Jim Mulleady, owner of Coldwell Banker Mulleady Inc.

The current mortgage rate is historically low at 3.57%, which is around 1.5% lower than mid-October in 2018. Mulleady thinks it's an ideal month for home owners to refinance.


"I think it'd be a terrific time to refinance because we don't know what's going to happen with interest rates in 2020. They could jump up over four percent," said Mulleady.

Currently, borrowers have been applying for refinance loans 163% more than last year.

With some companies like Apple getting involved in the refinancing boom, some people may think it's a good time to do so as well. Sandy Ebben, manager of First Weber Realtors Rhinelander, advises home owners to be careful.

"It costs money to refinance. You have appraisal costs, closing costs and title work and all of these things," said Ebben. "If you thought you were gonna be in your house for 10 years, and this is the lowest the interest rates are gonna go, then yes, it would be a good time."

If there's one thing Mulleady and Ebben agree on, it's that it's impossible for people to be sure when mortgage rates will increase again.

"Nobody really ever knows for sure how low it's gonna go before it starts going back up or creeping back up," said Ebben.

Text Size: + Increase | Decrease -
| Print Story | Email Story
Sponsored in part by HodagSports.com





 IN OTHER NEWS

Play Video

RHINELANDER - There are 582 million entrepreneurs in the world.

+ Read More

Play Video

CRANDON - A series of bills introduced by Mary Felzkowski (R-Irma) would allow all employees who are part of the Wisconsin Retirement System to re-enter the workforce after leaving it.

The School District of Crandon administrator, Larry Palubicki says the bill might receive their support.

"I think it's a bill that we would be in support of to keep high-quality educators after they retire," said Palubicki

Felzkowski said this will not solve the Wisconsin teacher shortage, but it is a step in the right direction.

"This isn't a long term solution; this is to help fill vacancies in the interim until they can find someone," said Felzkowski

+ Read More

MADISON - Wisconsin Department of Revenue Secretary Peter Barca is apologizing for an employee training slide show that joked former Republican Gov. Scott Walker had died.

Barca sent an email to DOR workers on Oct. 18 apologizing for the slide and calling it an "unacceptable situation."

+ Read More

SUN PRAIRIE - Participating in local government remains the most proactive way to create change. However, the practical barriers to taking part can be difficult to overcome.

Sun Prairie thinks they have the solution: child care.

+ Read More

MADISON - It doesn't look like Gov. Tony Evers is going to call another special legislative session on gun control anytime soon.

Evers told reporters at a news conference Monday that he has no immediate plans to call another special session but he's keeping the option open for the future.

+ Read More

Play Video

RHINELANDER - Kathy Orton rushed to stuff her shopping cart with things like diapers and paper towels at 6 a.m. Monday. Most of it wasn't for her.

"No. It's for other people," said Orton.

Orton won the annual shopping spree contest at Trig's in Rhinelander. She had about three minutes to take two of almost any item in the store.

"I wasn't expecting this at all, so I thought 'get for everybody,'" said Orton.

To pay it forward, she made a list of things to get other people, starting with her mother.

+ Read More

CAMDEN, N.J. - A New Jersey man faces allegations he conspired to carry out spray paint vandalism attacks two months ago against synagogues in Michigan and Wisconsin.

The Philadelphia Inquirer reported 18-year-old Richard Tobin allegedly recruited people on a neo-Nazi social network.

Court records indicate Tobin told investigators he considered suicide attacks and once sat with a machete in the parking lot of a New Jersey mall, considering an attack on black shoppers.

An email message for his public defender wasn't returned.



+ Read More
+ More General News
Search: