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The number of people deciding to refinance their home mortgages increased once again early this month.

The Mortgage Bankers Association noted that the volume of mortgage applications rose by more than 1 percent while the purchase index tumbled slightly. Although it is up 16 percent overall from a year ago.

Refinancing grew for the third straight week, amounting to a five-point increase to the index, which now stands at 207 percent higher than last year. This is the highest level the refinance index has reached since June 2013, a strong indicator of the real estate market’s activity.

As a resident of Oahu, you may be wondering how you can take advantage of today’s low interest rates, which has defined the market recently.

Refinancing your home has a number of benefits, including a lower monthly payment.

By converting your current loan for a new one with a lower interest rate, you can create some positive financial momentum moving forward as you begin to pay less in monthly mortgage payments. In the long run, you can always add up your savings and pay off the mortgage sooner than expected through a refinanced loan.

Please contact us today to learn more about refinancing and all its benefits in today’s fast-moving market.

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