ICE Mortgage Technology reposted this
You love to see this as we celebrate the 4th of July. More heroes are reducing their monthly expenses through available refinance programs. Data from the latest ICE Mortgage Monitor report shows that VA loans have accounted for more than 30% of rate/term related rate locks in recent weeks. That’s up from less than 10% at this same time last year. The average veteran who refinanced a VA loan in April saw a 1.02 percentage point reduction in rate and lowered their monthly P&I payments by an average of $231, with the ICE U.S. VA 30-Year fixed rate mortgage index now down nearly a full percentage point from its peak last October. Keep in mind, the data shows loan balances and loan-to-value ratios climbing through such transaction suggesting that borrowers are buying down their rate and financing closing costs to reduce monthly expenses — trading equity for a better monthly cashflow. Thank you to all who have served and who continue to serve. Happy Fourth!
