Mortgage refinancing is rising in popularity again -- and in light of today's emergency 0.75 percentage-point interest-rate cut by the Federal Reserve, it may look like an even better move.
With the refinance share of mortgage activity last week increasing to 62.7% of total applications from 57.7% the previous week, as the Mortgage Bankers Association announced Wednesday, it's clear that a lot of people have already jumped on board.
The average contract interest rate for 30-year fixed-rate mortgages decreased in the week ending Jan. 11 to 5.62% from 5.73%, while the 15-year fixed-rate mortgages decreased to 5.07% from 5.21%, says the MBA.
"Given the current trends in the housing market and the economy in general, it would not be surprising to see mortgage rates moving lower through out 2008," says Steve Habetz, president of Threshold Mortgage in Westport, Conn.
Read the entire article at TheStreet.com
1 comment:
Woah! I'm really enjoying the template/theme of this blog. It's simple, yet
effective. A lot of times it's difficult to get that "perfect balance" between user friendliness and visual appearance. I must say that you've done a great job with this.
Also, the blog loads very fast for me on Firefox. Exceptional Blog!
Feel free to surf to my weblog ... mexican restaurants
Post a Comment