At Tuesday’s summit on housing finance, Pacific Investment Management’s Bill Gross plugged a plan floated a few weeks ago that would allow millions of homeowners to refinance their mortgages at today’s rates, which are the lowest in generations.
Mr. Gross said the U.S. could easily refinance every current mortgage borrower, who is paying a rate above 5%, with a loan backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration, returning tens of billions in savings.
Refinance Loan Rates, a web resource designed to help consumers reconsider the value of home refinancing saw a sudden surge of traffic on the site. What does this 30% increase in refinance rate search activity indicate? "All this talk seems to be drawing some attention from homeowners looking for mortgage payment relief." Says Mark Askew, web resource manager. "I say, let's keep talking about it."
Mr. Gross said the U.S. could easily refinance every current mortgage borrower, who is paying a rate above 5%, with a loan backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration, returning tens of billions in savings.
Refinance Loan Rates, a web resource designed to help consumers reconsider the value of home refinancing saw a sudden surge of traffic on the site. What does this 30% increase in refinance rate search activity indicate? "All this talk seems to be drawing some attention from homeowners looking for mortgage payment relief." Says Mark Askew, web resource manager. "I say, let's keep talking about it."
