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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: mishedlo who wrote (2862)11/3/2001 2:05:26 PM
From: captaintime   of 99280
 
Mortgage rates have been a major bullet used to liquify the consumer by AG. The recent wave of refis have targeted home sales during the year 2000 when mortgage rates were as high as 8.5%. The bulk of refinances at an interest rate level of 7.125% on average were accomplished prior to year 2000.

In the business we have seen some cash out refinancing or consolidation of 1st and 2nd's due to real property increases in value during the last few years at rates of 6.5-7% recently.

For a major refinance wave of the vast bulk of sitting home loans in the 7.125% range we need long term 30 year mortgage rates of 6% or lower and stability in property values; perhaps the Treasury's recent shot across the bow (eliminating the 30 year bond) is the first attempt to get us there.
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