If you're one of those people who listened to co-workers brag in June about getting great rates on home refinancings, but you never got around to doing a deal yourself, you might want to keep an eye on the market.
Since July, 30-year fixed mortgages have been above 6 percent, but in the past few weeks, rates have been heading down. A boomlet in refinancings has yet to follow.
"Obviously a large number of people have refinanced already," said Randall Johnson, president of Market Street Mortgage in Clearwater. "Second, it takes a while for word to get around that rates are dropping again."
In June, refinancings were 45 percent of Johnson's business. The last week of September, they were about 10 percent, even though it was the fourth week in a row that rates had declined.
On Friday, a 30-year-fixed mortgage was 5.59 percent, according to Bankrate.com. But so far, no refi feeding frenzy. Johnson expects if rates keep moving down, homeowners who saw any mortgage under 6 percent as attractive will consider refinancing. Then again, there's the lethargy factor.
"Most people that didn't refinance in the spring were the ultimate couch potatoes," he said.
