The refinance boom is lowering monthly mortgage payments for some homeowners by lowering their interest rates and is causing mortgage companies and title and escrow companies to hire more employees to meet the refinance demand.
Phoenix Business Journal reporter Kristena Hansen reports on the refinance boom.
Number of Monthly Refinances in Greater Phoenix
Refinance closings have went up every month since January. July refinances were 11,518 or 128% higher than the 5,052 refinances in January. A refinance is when a borrower pays off their mortgage with a new mortgage.
Information from CoreLogic Marketrac analyzed by Fletcher Wilcox, Grand Canyon Title