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Refinance Rates Soar in Los Angeles County

refinance-appLos Angeles County had the largest number of mortgage loans refinanced, according to an article from the San Gabriel Valley Tribune. According to the study conducted by SmartAsset, a New York based personal finance technology firm, a total of 164,539 Los Angeles loans were refinanced in 2013 and the average refinance amount was $366,635. That equated to an average annual savings of nearly $7,000. Homeowners collectively saved more than $1.16 billion that year.

San Diego came in second with 75,446 loans refinanced. The average refinance amount there was $330,459 with an average annual savings of $6,383. Homeowners in San Diego County saved more than $481.6 million, the report said. Riverside County ranked eighth with 44,444 loans refinanced in 2013 with an average refinance amount of $229,306. Homeowners saved an average of $4,429 and they collectively saved more than $196.8 million. San Bernardino County ranked 10th on the list with 35,216 loans refinanced at an average refinance amount of $210,023. The average yearly savings there was $4,057 and San Bernardino County homeowners saved a total of more than $142.8 million.

A.J. Smith, SmartAsset’s managing editor, said the nation’s pre-refinance interest rate averaged 5.88 percent in 2013 and the post-refinance interest rate averaged 3.98 percent.

“We wanted to see what that meant in dollars for people who had that money freed up,” she said. “I think we could all think of ways to use an extra $7,000.”

Robert Smith, a Realtor with Keller Williams Realty in Palmdale, said an increasing number of homeowners are revamping their loans.

“We’re going through a refinancing boom right now,” he said.

About Author: Samantha Guzman

Samantha Guzman is an award-winning visual journalist and graduate of the University of North Texas Mayborn School of Journalism. She specializes in visual storytelling and has skills in video, audio and photography, in addition to news writing. She has traveled to Mexico and Bosnia as an assistant for multiple multimedia projects and taught news writing, photojournalism, and narrative storytelling in the past.
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