Mortgage Refinance 2008 Year End Numbers
Rising unemployment and what seems like a shrinking U.S. economy has strapped consumers looking for relief by way of Mortgage Refinance. Those seeking lower monthly payments on current Loans seem to be raising the number of applications. The current percentage increase for this week ending January the ninth, of 2009, includes both mortgage refinance and original loans, which is the highest combined, percentage increase since 2003.
The Index hit an eight year low with a 35.9% drop, in November of 2008, and The Mortgage Bankers Association has their seasonally adjusted purchase index showing a 14.1% drop, although applications for mortgage refinance have jumped by 25.6 percent. Mortgage applications helped the four week average by rising 10.8 percent last week alone.
Mortgage Refinance has already started to show an increase in applications contributed by the weakening economy as consumers are finding ways to reduce their costs. Climbing unemployment rates in hand with the slowing economy has contributed to shaky financial markets affecting the amount of buyers applying for mortgage finance.
Mortgage Refinance jumped from 79.8 to 85.3 last week, which is the highest increase for the Refinance sector, solely, since 1990. Several factors including the climbing unemployment rate and its role in slowing the economy have contributed to shaky financial markets, keeping buyers from applying for mortgage finance.
Some Analysts believe that people are still not comfortable with the forecast of the housing market, no matter how low the interest rates are, if job security is in question, it will directly affect income stream. In order to benefit from low mortgage rates or a Mortgage Refinance, the consumer needs to find a way through this economic uncertainty.
People will not be comfortable with the way the housing market shows instability, no matter how low the interest rates are, if job security is in question, it will directly affect income and individual ideas about spending. In order to benefit from low mortgage rates or a Mortgage Refinance, these factors have to be
The 30 year mortgage rates in this Nation dramatically declined in November of 2008, when the Federal Reserve announced its plan to buy approximately $500 billion worth of mortgage securities that were backed by Fannie, Ginnie and Freddie. The Federal Government, prompted by the dive of the finance market, has made a commitment to keep consumers borrowing costs down through the purchase of mortgage-backed securities. As for Mortgage Refinance, now is a great time to lock in at a low rate since we know rates will not stay down forever.
Requests for loans are up 200 percent from two months ago according to one online real estate service company. Companies offering mortgage services say they are working hard to handle the increase in work load from the dramatic increase in applications for Mortgage Refinance. Some mortgage companies happily predict a continuation over the next few months, on average, given the mortgage rates will remain low.
The Index hit an eight year low with a 35.9% drop, in November of 2008, and The Mortgage Bankers Association has their seasonally adjusted purchase index showing a 14.1% drop, although applications for mortgage refinance have jumped by 25.6 percent. Mortgage applications helped the four week average by rising 10.8 percent last week alone.
Mortgage Refinance has already started to show an increase in applications contributed by the weakening economy as consumers are finding ways to reduce their costs. Climbing unemployment rates in hand with the slowing economy has contributed to shaky financial markets affecting the amount of buyers applying for mortgage finance.
Mortgage Refinance jumped from 79.8 to 85.3 last week, which is the highest increase for the Refinance sector, solely, since 1990. Several factors including the climbing unemployment rate and its role in slowing the economy have contributed to shaky financial markets, keeping buyers from applying for mortgage finance.
Some Analysts believe that people are still not comfortable with the forecast of the housing market, no matter how low the interest rates are, if job security is in question, it will directly affect income stream. In order to benefit from low mortgage rates or a Mortgage Refinance, the consumer needs to find a way through this economic uncertainty.
People will not be comfortable with the way the housing market shows instability, no matter how low the interest rates are, if job security is in question, it will directly affect income and individual ideas about spending. In order to benefit from low mortgage rates or a Mortgage Refinance, these factors have to be
The 30 year mortgage rates in this Nation dramatically declined in November of 2008, when the Federal Reserve announced its plan to buy approximately $500 billion worth of mortgage securities that were backed by Fannie, Ginnie and Freddie. The Federal Government, prompted by the dive of the finance market, has made a commitment to keep consumers borrowing costs down through the purchase of mortgage-backed securities. As for Mortgage Refinance, now is a great time to lock in at a low rate since we know rates will not stay down forever.
Requests for loans are up 200 percent from two months ago according to one online real estate service company. Companies offering mortgage services say they are working hard to handle the increase in work load from the dramatic increase in applications for Mortgage Refinance. Some mortgage companies happily predict a continuation over the next few months, on average, given the mortgage rates will remain low.
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This article is brought to you by the experts at EFD Commercial Investments Inc. For more free information about loan refinance, visit their Mortgage Refinance page.
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