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Refi Boom Over? Not so Fast...(Brief Article)
Mortgage servicing executives can be forgiven for thinking that the refinancing boom is over. After all, after three years of portfolio churning and writedowns to the servicing asset, the industry deserves a break.
But not so fast. Even though most housing industry economists predict that rates will rise this year, a rate dip in January pumped refinancing activity back up to 50% of home loan applications.
And Quicken Loans, an online lending specialist based here, says that 45% of homeowners with a mortgage still could refinance their loan and get a better interest rate.
In mid-January, the interest rate on 30-year, fixed-rate loans had fallen below the 6% threshold again, and the interest rate on 15-year loans was in the low 5% range.
In addition, hybrid five-year fixed loans that convert to adjustable-rate loans also were increasingly attractive to some borrowers.
Those loans were in the low-to-mid 4% interest rate ...
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Source: HighBeam Research, Refi Boom Over? Not so Fast...(Brief Article)