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News » Low mortgage rates lead to a lot of refinancing
Sept. 3, 2010
Homeowners are taking advantage of very low mortgage interest rates.
Mortgage rates have been dropping for 10 of the last 11 weeks and are currently lower than they've been in decades.
Jayson Behling of Fox Communities Credit Union in Appleton says he's seeing a lot of customers coming in to refinance their old home loans at rates several percentage points lower than their original loan.
He says right now rate on a 30-year fixed mortgage are around 4.25 percent. 15-year loans are around 3.75.
Behling says while the market is hot for people who want to refinance an existing home loan, he isn't seeing nearly as many people taking out new home loans. |
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