Mortgage refinances may drop 77% by 2012

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US Mortgage Originations, Refinance Share is at 29.85%, compared to 25.77% last quarter and 37.43% last year.

Alternatively, there may be the option of taking out a second mortgage to do the improvements, then refinancing both loans into one new loan at an LTV of 80% or less (if the value will be that much higher) that drops the PMI and ideally comes with a new low rate. But you may not want to do that for one reason or another.

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"A combination of low mortgage rates, a strong job market, and modest wage growth should spur home buyer interest and also serve as an incentive for homeowners looking to refinance this spring," says Sam Khater, Freddie Mac’s chief economist. Freddie Mac reports the following national averages with mortgage rates for the week ending May 9:

That would take rates close to where they were in 2012. that a drop to the 3.25 percent to 3.5 percent range could increase "supply from both refinancing and purchase mortgage channels." Despite.

The refinance share of mortgage activity decreased to 77% of total applications, the lowest level since May 2012, from 78% the previous week. The adjustable-rate mortgage share of activity.

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A wave of refinancing could be a strong stimulus to the economy, because it would lower consumers’ mortgage bills. the market before the 2012 election, and given Congressional resistance to other.

Mortgage applications drop. july 11, 2012 8:17 am EDT.. Refinancing applications accounted for 77% of all applications in the week.. and the average loan size for a refinance fell from.

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You may not save any. interest of $1,896. If you refinance at 4% into a new 30-year mortgage of $288,000 (your present balance of $285,179, plus $2,821 in closing costs wrapped into the loan amount.

Mortgage rates continue to hover near record lows as an economic report showing May retail sales dropped for the first time in 11 months. The good news is the drop was less than expected. The Commerce Department said total retail sales slipped 0.2% which was less than the 0.4% drop economists expected.