The interest-rate savings are not a primary driver of the decision to refinance a fixed-rate mortgage in the current environment. Now, the dominant refinance borrower is looking at the best way to consolidate debt or finance a big project such as a home improvement. And we also have borrowers who took out adjustable-rate mortgages in recent years that are scheduled to have their payment reset this year that may be looking at the option to refinance into a fixed-rate product or into another adjustable-rate mortgage.
More Quotes from Amy Cutts:
This is a slowing down to what I think of as good, sustainable levels.Amy Cutts
With financial markets more optimistic that the economy is expanding nicely, mortgage rates had nowhere to go but up this week. Then, as a result of the GDP figures released today (Thursday), the market began weighing which part of GDP it feels is most dominant, growth or inflation.
Amy Cutts
Last Friday's unexpectedly weak employment report caused interest rates on long-term Treasury bonds and, by extension mortgage rates, to fall as investors worried about the health of the U.S. economy.
Amy Cutts
Even with rising mortgage rates over the last four weeks, 30-year fixed-rate mortgage rates remain an historical bargain. To date, contract rates for these mortgages have been below 6 percent for 31 weeks in a row, and we don't expect these rates will rise very much above 6-14 percent by year end.
Amy Cutts
Interest-only and option payment loans had been ways to afford homes in expensive markets. Now even, these products will no longer be attractive. That will impact affordability.
Amy Cutts
Five percent on its own would be good news. That's a good rate of appreciation and reflects a strong housing market.
Amy Cutts
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