Mortgage Rates See Record Lows

The Mortgage Bankers Association reports that most customers are taking advantage of the low rates to refinance their current loans.

There are two primary reasons to refinance a mortgage: to get a better interest rate or to secure cash from a home’s equity. Correspondingly, the demand for loans to purchase a home is down after a busy spring due in part to the expiration of the federal home buyers tax credit on April 30.