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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (12336)	8/13/2003 6:02:08 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

If this continues I'd expect (guess) refi's to drop to say 20% of their previous "seasonally adjusted" (cough) rate. General rule is you have to get 1.5% less than your current mortgage. So your current mortgage would have to be say 7.75-8% or more to make refinancing make sesence. I wonder how many people still are carrying that high a rate? Amazing how fast that the door slammed shut. Add in a some what less slowdown in new mortgages and it doesn't bode well for the mortgage industry. Then again, did they really expect the gravy train to last forever?