With mortgage rates continuing to slip, a new wave of refinancing has appeared. According to the Mortgage Bankers Association of America, applications for refinance jumped 15 percent last week, near the record high set in March. And according to Freddie Mac's quarterly refinance review, the average age of a refinanced loan fell to 1.9 years in the first quarter of this year.
More Quotes from Frank Nothaft:
Employment figures for February are due out tomorrow. The expectation is that over 100,000 much needed jobs will have been created last month and that will help sustain economic growth.Frank Nothaft
Although mortgage rates have risen for the second week running, the long-term figures are still only about 50 basis points higher than they were at the start of the year. This may have slowed the refinance market a little, but refinancing continues to make up about half of all applications for mortgages, according to the Mortgage Bankers Association.
Frank Nothaft
Despite strong signs of economic growth, the financial markets were nonplussed, leaving mortgage rates to hover around the same affordable level for yet another week,
Frank Nothaft
In spite of the sluggishness in the economy, nearly 25 percent of all mortgages were refinanced in 2002, saving those homeowners an average 1,200 per year to spend or save as they see fit, ... And with interest rates as low as they currently are, refinancing will continue to be a viable option for some.
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
Additionally, applications for home purchase were the highest ever recorded last week, according to the Mortgage Bankers Association, which also reported that refinancing activity reached almost 50 percent of applications over the same period. The housing industry continues to amaze us.
Frank Nothaft
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