| Home Page
Mortgage Requests Fell Last Week Part Two
According to the Freddie Mac deputy chief economist, some home owners who held off from refinancing since last year's historic lows are now looking to cut borrowing costs by refinancing before rates ratchet higher. There also are other home owners looking to squeeze equity from their homes.
"With rates this low, we're seeing more cash-out activity," said Crews Cutts.
Mortgage rates have lingered low enough in the first weeks of this year to stir up demand for loans to buy homes and applications for loan refinancings.
According to Freddie Mac, the No. 2 U.S. housing agency, rates for the most commonly used home loan, 30-year mortgages, have lingered below the psychologically important 6 percent since Dec. 12, 2003.
Last year was a banner year for mortgage lending because historically low borrowing costs spurred record loan applications.
Rates for 30-year home loans held below 6 percent for much of 2003, averaging 5.83 percent.
While rates have dropped, economists believe that a massive wave of refinancings reminiscent of the one experienced in 2003 is not likely to recur.
Continue with:
Eliminate
Credit Card Debt - San Diego
Real Estate | 
