As one might guess as the recession comes in earnest, many homeowners are looking for ways to save money. And refinancing a home mortgage loan is one way to do it. While most hope for a fixed rate mortgage, many are also considering lower rates on adjustable rate mortgages.
Yesterday’s Fed rate cut, is likely to impact consumer debt and home equity loans and lines of credit, and that means that refinancing is likely to remain popular. Homeowners will try to take advantage of lower interest rates in order to save money in the long run — or use their homes to pay off other kinds of debt.
MarketWatch reports on current mortgage market conditions — showing that refinancing is more popular than getting a new home mortgage loan:
Technorati Tags: Fed rate cut, fixed rate mortgage, home mortgage loan, lower rates, mortgage interest, mortgage loan blog, Mortgages, recessionPlaying off significantly lower interest rates charged on mortgages,
the MBA said Wednesday that refinancings increased 6.5% on a
week-to-week basis, as applications for mortgages to buy homes dropped
a seasonally adjusted 4.5%.
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There is definitely an increase in refinancing. it's important to get as much info as you can about home mortgages and how they work.
Posted by: Home Mortgage | December 17th, 2008 11:24 am |