Over the past two months, 90% of U.S. homeowners refinancing their mortgages are doing a cash-out refinance and taking on a higher mortgage rate!!! WHY?! In today’s video, we discuss why the share of cash-out refinances are so high right now, especially given the fact that the vast majority of homeowners have a mortgage rate below 5% yet current rates are around 7.5% at the time of filming this video.
Also, around 30% of US mortgage applications are for refinances even though mortgage interest rates are close to multi-decade highs, per the Mortgage Bankers Association (MBA).
Today, I'm joined by @MattTheMortgageGuy to share all the details.
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.6% (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
*** Jason Walter, CPA (inactive CPA lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected]
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Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent with Realty ONE Group Complete in California under DRE 01923240.
