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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: SwingTrader2006 who wrote (6399)	9/14/2007 1:58:54 AM
From: The Ox	Read Replies (1) \| Respond to of 50011

Borrowers who traded in old mortgages for new got an old-to-new ratio of 1.02 which means that one half of those borrowers received a new interest rate at least two percent less than the old one. Ms. Cutts said that "In the fourth quarter of 2005, homeowners who refinanced their fixed-rate mortgages lowered their interest rates an average of 0.35 percentage points. On an average loan size of $150,000 that translates into a savings of about $34 a month. That, however, is not the primary factor driving refinancing. "Now the ... borrower is looking at the best way to consolidate debt or finance a big project such as a home improvement. And we also have borrowers who took out adjustable rate mortgages in recent years that are scheduled to have their payment reset this year and are looking at the option to refinance into a fixed rate product or into another adjustable rate mortgage.