You Still Need A High Credit Score To Refinance

February 27, 2020 Mortgage Refinance,Mortgages

MoneyTips

Times aren’t great in the mortgage refinancing market. According to the October 2018 Origination Insights Report from mortgage application software provider Ellie Mae, refinancing homes make up 32% of October’s closed mortgages – continuing a drop in refis that began five to six months prior.

It’s likely that mortgage rate increases are to blame for the decline in refis. The drop roughly corresponds to 30-year fixed mortgage rates breaking the 4.5% mark in May for the first time since January 2014.

Refinancing generally only makes sense when you can acquire a better interest rate than your current rate. After years of historically low interest rates, it’s less likely that you can find rates suitable for refinancing – unless you have improved your creditworthiness since taking out your original mortgage.

Lenders might be tempted to ease refinancing stand…

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