Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (12128)	9/23/2004 1:47:42 PM
From: benwood	Read Replies (1) of 116555

I was behind and missed it, but went back and read it. Yes, too true about the decline in refi demand. I asked my brother if he'd seen rates declining and to see he could refi, and he said he already refied some time ago for 30 years, 5.5%, no cost or points at closing (actually they got back $500). It's a long way from where he'd benefit. I have 4.5% at 15 years, so a long way for me, too. Your point about FNM greasing the wheels is too true. I remember trying to refi (or finance) through my credit union in the 80s and in '93 when we bought our current house. My CU was uncompetitive. Now, however, they are very competitive. When I did my last refi, I asked how they could handle such huge volume for their asset level, and they said just what you did -- they just send them off to FNM. I've no doubt that if that grease were removed from the tracks, there would screech that would deafen Wall Street.

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