Nationally the overall number of mortgage applications has dipped 5%, but area real estate and mortgage expert Mike Weaster says in the Houston area it's not because interest rates are a tiny bit higher. "I think that the statistics are showing that the number of applications are falling because of the lack of inventory! At least that's true for here in Houston." Mortgage rates are inching up slowly and the national numbers of mortgage refinancing applications are 20% lower than they were last April, which were over twice as high as the year before. Refinancing applications have fallen as well as interest rates have gone up 3-one-hundredths of a per cent. Weaster says it is still the best money saver a home owner can enjoy. " There are so many opportunities to refinance. Refinancing guys I work with are really busy. In fact, my wife and I just refinanced ours!"
Mike Weaster of Graham and Company Realty says Houston area refinancing people are still very busy and the slight increase in interest rate shouldn't be a deterrent. "It doesn't make that big a difference. A 0.03% increase in the rate is almost un-noticeable on a 20- or 30-year fixed mortgage rate." Weaster says if financing for a new home in Houston is lower, it's because a shortage of available homes for sale.
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