Refinance Applications On The Rise

Although American homeowners are enjoying a record run of Atlanta mortgage rate falls since their mid-year highs, the recent rise in the number of mortgage applications in the US has more to do with a mini explosion in refinance applications than it does with new mortgage applications.  Record low long-term Atlanta mortgage rates currently seen in the 30-year fixed rate mortgage rates and 15-year fixed rate mortgage rates traditionally make those with relatively short-term 5-year adjustable rate mortgages think twice about jumping ship and looking to refinance over a longer-term.  However, with this week’s release of better than expected employment figures in the US causing the 10-year Treasury Note, an underlying indicator of where Atlanta mortgage rates may be going in the near future, to reverse its recent downward trend this week, large numbers of American homeowners with 5-year ARMs are no longer electing to hold out for another week of good Atlanta mortgage rate news and are electing to move over while they can still get their hands on the best long-term fixed Atlanta mortgage rate deals being offered for the year to-date.