George Duarte, Author at George L. Duarte

There are lots of people who have heard that one of the top ways to ensure the best mortgage rate possible is to refinance. At the same time, it is critical to make sure that this process is planned out accordingly.

Therefore, there are a few steps that everyone has to follow to make sure they are able to handle the mortgage refinancing process in a smooth manner that leads to the best rate possible.

Ask If A Refinance Is The Right Step

There are a lot of people who assume that a mortgage refinance is a financial win; however, it is important to keep the added costs in mind. For example, the refinancing process is going to lead to another closing. When this happens, there are going to be closing costs that must be considered.

Therefore, the refinancing process could lead to a higher mortgage payment if the money saved on interest payments is not enough to offset these costs.

Check The Credit Score First

Many people get lured into the refinance process by looking at low mortgage interest rates and assuming they are going to qualify for them; however, this is not always the case. Only the people with the top credit scores are able to qualify for these low rates. Therefore, everyone needs to take a look at their credit score and make sure that their credit report has been cleaned up. This is the only way that people are going to be able to qualify for these low rates.

Talk To A Trained Professional

Finally, many people are going to be going through the refinance process for the first time. It is important to work with a trained professional who can walk everyone through this process, ensuring that they know what they are doing as the process unfolds. This can go a long way toward ensuring that everyone has a successful refinancing experience.

Go Through The Right Steps

Following these steps can maximize everyone’s chances of making sure they end up with a refinance that works for them. By planning out the process ahead of time, everyone can go through the steps they need to make sure that the refinancing process proceeds as smoothly as possible.

What's Ahead For Mortgage Rates This Week Dec 4, 2023 The first week of December’s largest reports are the GDP estimates, which will be the second estimations of the year prior to the final release. The final GDP reports will be after the new year and are the strongest indicator for the economic state of the country. With the Federal Reserve aiming for a soft landing for the economy, it is important for the GDP and inflation statistics to be in parity with each other. The last but also very important releases for the end of the year are the Personal Income and Spending data.

GDP Estimates (First Release)

The numbers: The U.S. economy grew at an assuring 5.2% annual pace in the third quarter, faster than previously reported, but the surprisingly strong gain appears to have been a one–off occurrence.

Gross domestic product, the official scorecard for the economy, was revised upwards Wednesday from an initially reported 4.9% rate of growth. It was the biggest increase in a decade, excluding the pandemic years of 2020 and 2021.

Consumer Spending

Consumer spending rose a mild 0.2% in October in potentially another sign of a long-predicted slowdown in the U.S. economy. While spending has slowed, many inflation rates, lending rates, and other factors have been showing signs of an improving economy.

Analysts polled by the Wall Street Journal had forecasted a 0.2% increase.

Consumer spending is the main engine of the U.S. economy and outlays grew a robust 3.6% in the third quarter.

Primary Mortgage Market Survey Index

The last 4 weeks have seen a week-to-week decline in rates.

15-Yr FRM rates seeing a week-to-week decrease by -0.11% with the current rate at 6.56%.
30-Yr FRM rates seeing a week-to-week decrease by -0.07% with the current rate at 7.22%

MND Rate Index

30-Yr FHA rates decreased week-to-week, seeing a -0.15% decrease for this week. Current rates at 6.50%
30-Yr VA rates decreased week-to-week, seeing a -0.15% decrease for this week. Current rates at 6.50%

Jobless Claims

U.S. jobless claims drop to five-week low of 209,000.

Initial Claims have increased to 218,000 compared to the expected claims of 215,000. The prior week was 210,000.

What’s Ahead

Next week will be an important release schedule with the final CPI and PPI reports, which saddled alongside the final GDP numbers, will be the largest indicators for the robustness of the current economy and for 2023 as a whole.

The Required Steps For A Smooth Mortgage Refinance Process

What’s Ahead For Mortgage Rates This Week – December 4, 2023

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