Many rushing to refinance before interest rates go up - New York News

Many rushing to refinance before interest rates go up

Posted: Updated:
PHOENIX -

Phoenix was one of the hardest-hit real estate markets when the bubble burst. Now, it's leading the nation when it comes to increasing home prices.

That's led to a boom in refinancing.

Real estate agents and mortgage advisors are busier than they have been in years. The combination of low interest rates and rising home prices mean people are in a hurry to buy a home, and those who already own are rushing to try and lock in at near-record low interest rates before they go up.

It's the first time in a long time we've heard such good news about the valley's housing market. Phoenix is leading the nation when it comes to the jump in home prices, up nearly 22 percent compared to last year, and that is keeping mortgage advisors like Jeremy Schachter very busy.

"I think a lot of people have more hope now -- and especially with interest rates being so low it's definitely a win-win situation," says Schachter.

Schachter says many homeowners are coming in looking to refinance their mortgages now that they may have equity -- and with interest rates hovering in the 3.3 percent mark for a 30-year loan, that can save a lot of money each month.

"On average I'm saving between $200 and $500 per month, so that's significant."

"We'd been trying to refinance, we waited for the market to turn around and thought let's see if we can actually get in," says Micheal Meints.

Jimmy Williams and Micheal Meints recently refinanced their north Phoenix home they bought at the height of the market in 2007.

After the re-finance, their rate went from 7.6 to 3.5 percent, saving $600 a month.

"The best part of it is knowing that we're actually chipping away at the equity of the house -- that we're earning this house. We love this house, we don't want to move," says Williams.

Housing experts expect the market to continue to gain momentum in the new year. Higher prices also give existing homeowners the chance to sell their homes and have a down payment for another, something that hasn't happened in years.

  • Local NewsLocal NewsMore>>

  • Connecticut man charged in Yale hoax threat

    Connecticut man charged in Yale hoax threat

    Wednesday, April 23 2014 3:33 PM EDT2014-04-23 19:33:11 GMT
    New Haven police say they have charged a Westbrook with making a hoax call in November to say an armed man was heading to shoot up Yale University.
    Police say they have charged a Connecticut man with making a call in November in which he falsely claimed an armed man was on his way to shoot up Yale University. New Haven police said Wednesday that 50-year-old Jeffrey Jones, of Westbrook, has been charged with falsely reporting an incident, threatening, reckless endangerment, misuse of the emergency 911 system and breach of peace.
  • Camilla's brother dies in New York after head injury

    Camilla's brother dies in New York after head injury

    Wednesday, April 23 2014 3:10 PM EDT2014-04-23 19:10:58 GMT
    The brother of Camilla, Duchess of Cornwall, has died after sustaining a serious head injury following a fall in New York, British royal officials said Wednesday. Clarence House said that the 62-year-old Mark Shand died in the hospital Wednesday after falling late Tuesday.
    The brother of Camilla, Duchess of Cornwall, has died after sustaining a serious head injury following a fall in New York, British royal officials said Wednesday. Clarence House said that the 62-year-old Mark Shand died in the hospital Wednesday after falling late Tuesday.
  • Port Authority could rescind $1 NJ Transit lease

    Port Authority could rescind $1 NJ Transit lease

    Wednesday, April 23 2014 2:57 PM EDT2014-04-23 18:57:07 GMT
    NJ TransitNJ Transit
    The Port Authority of New York and New Jersey is holding its monthly board meeting, two days after it heard from a panel on what it needs to do to improve its accountability and efficiency and restore public trust.
    The Port Authority of New York and New Jersey could rescind a $1-a-year lease for a park-and-ride lot near the Lincoln Tunnel. The agency's chief of real estate and development told a committee Wednesday that it should change a deal made in 2012. Published reports have alleged that former Port Authority chairman David Samson voted to approve the lease even though his law firm did business with New Jersey Transit, which operates the park-and-ride lot.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices