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
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.

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