Refinance Loan Rates - Good Time To Refinance?
That all depends on the state of rates compared to the average interest rates secured on home purchase loans. At present the 30-year fixed-rate mortgage averaged 6.25%, declining from the previous week, according to Freddie Mac's latest interest rate survey. But the 5-year Treasury-indexed hybrid adjustable-rate mortgage average reportedly stepped down 4 BPS over the week. Meanwhile, mortgage application volume dropped 8 percent, the Mortgage Bankers Association announced.
Rising Interest Rate Debt
Carrying large home loans along with interest rate debt has been a real problem for midle america. In December, 109,652 properties nationwide entered some stage of foreclosure, RealtyTrac recently announced. The month's activity was an improvement over November, the data indicate. The national foreclosure rate was one new foreclosure filing for every 1,055 homes. A roundtable discussion at a real estate conference last week in New York focused on growing foreclosure filings. One panelist predicted foreclosures will jump 25 percent in 2007.
Fixing Fixed Mortgage Rates
Any end in sight. No. But many loans entering foreclosure can be sold or modified before the lender gets them back. Fixed mortgage rates are expected to remain at 6.5 percent as the 2007 closes. Existing-home sales will decline by about 7 percent and new home sales 8 percent relative to 2006. Both categories are projected to rebound in 2008 by about 3 percent and a further 1 percent in 2009.
Home Refinancing Reduces Interest Rate Burdens
Folks seeking to lower the burden of high rates would do good to opt for home refinancing while rates are at present levels. Lenders are still offering home loan rates under 5.50 which could prove a big saving for homeowners and a preventative alternative to foreclosure and bankruptcy.
That all depends on the state of rates compared to the average interest rates secured on home purchase loans. At present the 30-year fixed-rate mortgage averaged 6.25%, declining from the previous week, according to Freddie Mac's latest interest rate survey. But the 5-year Treasury-indexed hybrid adjustable-rate mortgage average reportedly stepped down 4 BPS over the week. Meanwhile, mortgage application volume dropped 8 percent, the Mortgage Bankers Association announced.
Rising Interest Rate Debt
Carrying large home loans along with interest rate debt has been a real problem for midle america. In December, 109,652 properties nationwide entered some stage of foreclosure, RealtyTrac recently announced. The month's activity was an improvement over November, the data indicate. The national foreclosure rate was one new foreclosure filing for every 1,055 homes. A roundtable discussion at a real estate conference last week in New York focused on growing foreclosure filings. One panelist predicted foreclosures will jump 25 percent in 2007.
Fixing Fixed Mortgage Rates
Any end in sight. No. But many loans entering foreclosure can be sold or modified before the lender gets them back. Fixed mortgage rates are expected to remain at 6.5 percent as the 2007 closes. Existing-home sales will decline by about 7 percent and new home sales 8 percent relative to 2006. Both categories are projected to rebound in 2008 by about 3 percent and a further 1 percent in 2009.
Home Refinancing Reduces Interest Rate Burdens
Folks seeking to lower the burden of high rates would do good to opt for home refinancing while rates are at present levels. Lenders are still offering home loan rates under 5.50 which could prove a big saving for homeowners and a preventative alternative to foreclosure and bankruptcy.
No comments:
Post a Comment