How does a refinance in 2011 affect your taxes?

Spring has always been the busiest season for homebuying. And with current mortgage rates hovering at historical lows, the spring season is bound to get off to a good start, or at least a better start than we’ve seen the last few years.

According to the latest figures from, their broad-market mortgage tracker–the weekly Fixed-Rate Mortgage Indicator (FRMI)–found that the overall average rate for 30-year fixed-rate mortgages (conforming, non-conforming and jumbos) rose by seven basis points (.07 percent) from last week.

Don’t be fooled by this mild rise. Not only do we think this increase will be short lived, the fact that’s FRMI jumped back up to an average 4.25 percent last week simply means mortgage rates wandered up to a previous record low just one month ago.

Important to homebuyers and low-equity-stake refinancers, FHA-backed 30-year mortgages broke a long string of declines, rising by five hundredths of a percentage point to 3.86 percent, while the overall average for 5/1 Hybrid ARMs rose just two basis points to move to 3.02 percent.

Other signs of improvement

A drumbeat of better economic news finally got loud enough for markets to notice last week. There is at least some momentum in the economy, and signs are appearing that the recovery is broadening.

For housing, the fundamentals of jobs growth, low prices and rock-bottom mortgage rates are having beneficial effect. There is no lack of folks cheering for this trend to continue.

*God Speed*
TLD Investments LLC


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