Tuesday, December 12, 2006

Home Owner Refinancing News

Freddie Mac expects cash-out activity to remain healthy for the remainder of this year. Currently, 30-year fixed-rate mortgages are are down 40 basis points from their high of 6.8% set in July, according to Freddie Mac. From January 2003 to June 2006, home equity growth ranged from 32% to 200% across the country.

Quarterly home appreciation rates have slowed for the first and second quarter of 2006 to 2.20% and 1.17% the slowest appreciation rate since the fourth quarter of 1999. Slowing home appreciation rate in combination with higher interest rates would slow mortgage equity financing activity. So it's no wonder the fed are contemplating leaving rates untouched. still at present home equity refinancing is robust and should continue as such for a time.

The low rate refinancing resource Refinance Home Loan Rates reports that in recent weeks mortgage rates took a nose dive to level not anticipated. From 6.10% to 5.74% according to the Mortgage101 mortgage rate survey. Now rates are slowing creeping up. But with talk that the fed is considering leaving rates untouched for a time this may spell a fair to good market for homeowner refinancing. figures indicate that over 20% of homeowners did not refinance their homes.