New Hampshire tops the list for people seeking refinancing, followed closely by Maine. 'The top two states on the list have seen home prices grow at a faster clip than typical nationally over the last decade,' explains Realtor.com senior economic analyst Hannah Jones.
'The vast majority of mortgage holders would not benefit from refinancing if their goal is to decrease their monthly payments with a lower mortgage rate,' she says. 'However, homeowners who are looking to stay put may be interested in leveraging their home's increased value by utilizing a home equity loan or line of credit.'
Shaun Bettman, CEO of Eden Emerald Mortgages, agrees that homeowners often refinance for reasons other than a lower rate and lower monthly payments. 'For stability, you may also want to consider switching from an adjustable-rate mortgage, or ARM, to a fixed-rate mortgage,' he says.
Refinancing applications jumped 127% in September compared with this same month last year. Homeowners show more interest in certain areas than others.
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