Learn about mortgage rates
Some consumers with ARMs are deciding to refinance to a fixed rate offering to give them some payment predictability. Others wish to refinance to simply get a better interest rate or terms to save money on their monthly payments. The rates may be enticing, but banks have also tightened their lending practices. As a result, a lot of consumers who submitted applications to refinance were denied. To qualify for the lowest rates, consumers must now have excellent credit scores and must put in a bigger downpayment.