The average loan-to-value ratio after refinancing is still 70 percent.
More Quotes from Frank Nothaft:
A 51 hybrid ARM provides the consumer the comfort of knowing that the interest rate will be fixed over the first five years of the loan. However, the interest rate may jump as much as five percentage points on the fifth anniversary.Frank Nothaft
It was no great surprise that housing starts rose for the second time in three months since mortgage rates in November reached levels not seen since the mid-1960s. Since mortgage rates are not expected to increase significantly, we remain confident that the housing industry will continue to be alive and active well into 2003.
Frank Nothaft
The current uncertainty of corporate governance caused huge transfers of money into more stable and safer assets. Large money managers shifted their investments into bonds, thereby lowering their yields and allowing mortgage rates to follow.
Frank Nothaft
There is a slight chance the Federal Reserve Board will raise rates when it meets later this month, but with the current labor market and slowing consumer spending, it is more likely that it will take no action until August at the earliest. As a result, short-term interest rates, such as the one-year adjustable-rate mortgage, drifted further down this week.
Frank Nothaft
Feeling more comfortable about the upcoming economic rebound, the financial markets relaxed a bit this week. With the market more settled this week, interest rates on fixed-rate mortgages eased this week to the lowest rate in five weeks.
Frank Nothaft
Over the past few weeks, financial markets have been gearing up for greater growth in the economy, which ultimately leads to higher inflation rates. As a result, mortgage rates increased for the second time this week.
Frank Nothaft
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