Builders Confidence Improves in August

If you are interested in building a new home for your family, it is becoming an increasingly better time to do so. Builder confidence has improved again in August for the 4th month in a row! On the National Association of Home Builders/ Wells Fargo Housing Market Index (HMI), their confidence rose two points to 37. It had risen 6 points in July and is at the highest level now since February 2007.

Current sales conditions and the prospect of sales for the next six months are looking good and this aids in improving builders confidence in the market. Of course there can always be more improvement, but considering the state of recession of the past few years, the outlook is very bright. It proves that the housing market is finally getting that economic boost that it has desperately needed.

Should you decide to build a home, Quest Loans would love to help you get the home loan process started. Visit us at QuestLoans.com or call 888-883-5252 for more information!

Refinancers Opt for Fixed-Rate Mortgages

Are you a current homeowner who is interested in refinancing? If you are, surely you have many questions regarding how to go about doing so and which loan one is right for you. While everyone's situations are different, we can tell you that in the second quarter of 2012 more than 95% of refinancing borrowers chose a fixed-rate mortgage. And of those people, 30% chose to reduce their loan term. This information comes from Freddie Mac's Quarterly Product Transition Report.

Borrowers who refinanced with HARP tended to take out a long-term, fixed-rate mortgage. These fixed mortgage rates are averaging at 3.79% interest for a 30-year loan, and 3.04% interest for a 15-year loan. If you are indeed interested in taking advantage of these low fixed-rates, you could get an even lower rate by also shortening your term. This will reduce your loan balance faster and help you build home equity sooner.

Give Quest Loans a call if you need help getting the refinancing process started! 1-888-883-5252. We would love to help!