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Bay Area Homeowners Scrambling To Refinance Loans

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(AP)

DougSovern20100908_KCBS_0208r Doug Sovern
Doug began his career as a copy boy at the New York Times, and then...
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SAN FRANCISCO (KCBS) – Bay Area homeowners are rushing to take advantage of mortgage rates that have hit another record low.

At LaSalle Financial in Oakland, mortgage broker Melissa Milton said it’s been a refinancing frenzy.

“We are super busy over here. I’ve been in past 7:30 each of the last four business nights,” she said.

Milton said people who refinanced their loans just a few months ago are doing it again. That’s because rates have dropped to a level not seen since Harry Truman was president, according to Matthew Carson at First Capital Group in San Francisco.

“If you’ve got good credit and meet the low royalty fee restrictions, you can definitely get down to four percent, no problem,” said Carson.

KCBS’ Doug Sovern Reports:

Approval is more difficult than it used to be and with so many loans being processed, Carson said it can take six weeks to close.

But he said it’s hard to ignore the savings of a four percent fixed mortgage.

“When you can save money and it doesn’t cost you anything, it’s kind of a no-brainer for most people,” Carson said.

Freddie Mac, the entity that buys and insures mortgages, said an average U.S. 30-year fixed-rate mortgage has dropped to 4.15 percent, the lowest level ever recorded by the group.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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