What Influences Your Refinance Rate?

Rock-bottom mortgage rates entice homeowners to refinance, but many borrowers are surprised to find that the advertised mortgage rate is not necessarily the refinance rate they will be offered. In fact, mortgage rates for a refi on any given day can vary by as much as a full percentage point or more, depending on various factors. “A mortgage rate sheet looks like a menu, and there’s a grid of available rates we see each day,” says Peter Boyle, a senior loan originator with Summit Mortgage Corp. in Plymouth, Minn. “There are lots of things that influence an individual’s mortgage (refinance) rate, including whether or not they pay points.”

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