|
Doug
Hogan
of
Allegiance
Mortgage
in
Chattanooga
said
local
property
values
have
continued
to
increase
and
mortgate
refinance
transactions
are
up.
He
commented
after
the
Mortgage
Bankers
Association
said
U.S.
mortgage
applications
rose
for
a
third
straight
week
as
30-year
fixed
rate
mortgages
fell
to
a
national
average
of
6.38
percent
from
their
four
year
high
of
6.86
percent
touched
in
mid-June.
Mr.
Hogan
said,
“Homeowners
with
mortgages
about
to
adjust
will
be
well
advised
to
take
advantage
of
today’s
rates.
“In
2003
and
2004,
many
homeowners
opted
for
adjustable
rate
mortgages
that
were
fixed
for
two
or
three
years.
At
the
time,
the
spread
between
short-term
and
long-term
rates
made
such
mortgages
extremely
attractive.
These
mortgages
are
now
coming
due
for
adjustment.
The
new
adjusted
rate
is
often
much
higher
than
what
fixed
rates
are
today
and
it
only
makes
sense
that
homeowners
examine
whether
or
not
it
would
be
in
their
interest
to
refinance
and
fix
their
payments.”
Property
values
in
the
Chattanooga
area
have
continued
to
increase
despite
national
trends
indicating
a
softening
market,
he
said.
Mr.
Hogan
stated,
“We
have
not
seen
the
declines
experienced
in
the
Northeast
or
the
West.
As
a
result,
many
homeowners
in
this
area
have
built
up
a
significant
amount
of
equity
that
they
may
want
to
tap
into.
With
this
increase
in
equity
and
the
attraction
of
lower
fixed
rates,
homeowners
in
Chattanooga
and
North
Georgia
will
be
well
advised
to
consider
refinancing
now.
"No
one
can
predict
how
long
the
Federal
Reserve
Board
will
continue
its
current
'pause'
in
interest
rate
hikes,
but
almost
all
economists
agree
that
its
policy
of
steady
increases
has
not
come
to
an
end.
“If
my
mortgage
were
about
to
adjust,
I
would
jump
at
today’s
fixed
rates
and
not
gamble
with
what
rates
|
