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Refi Boom Might Still Have Some Legs.
It was supposed to end. The refi boom, that is. Wake me up when it's over.
To be sure, refinancing has tapered off considerably from its peak levels, when as many as three quarters of home loan applications were for refinancing.
Long-term mortgage rates continued to edge downward last week, with rates falling in nine of the 10 most recent weeks leading up to June. The average commitment rate on 30-year fixed-rate mortgages tipped the scale at 5.62% with an average of 0.6 points in the first week of June, according to Freddie Mac.
That's 66 basis points lower than the 30-year rate had been one year earlier, meaning many year-old mortgages could be on the cusp of refinancing.
The average rate on 15-year mortgages was 5.20%, according to the survey.
The Mortgage Bankers Association, which collects weekly data on loan applications, already has shown an increase in the share of loan applications made to refinance an existing loan. And because the MBA's survey week lags one week behind the Freddie Mac data, more increases could be on the way.
According to the MBA survey, refinancing accounted for 41.2% of home loan applications in the week ending May 27, up by almost one percentage point from the week before. That's the highest refinancing share posted since early March.
- Freddie Mac Outlines Post Refi-Boom Community Banking Business Options.
- Press release article from: PR Newswire May 20, 2003 700+ words
...buying market wants. Freddie Mac Single Family Lending...sold or securitized. "Freddie Mac is ready to help community...increase liquidity after the refi boom. There are several strategies...available to the industry is Freddie Mac's mortgage portfolio...
- Refi Boom Goes Sonic.
- Magazine article from: National Mortgage News Sinnock, Bonnie January 22, 2001 700+ words
...further into "refi boom" territory than...During the last refi boom, the index breached...according to Freddie Mac's Primary Mortgage...market this year. Freddie Mac's deputy chief...would prolong the refi boom. David Lereah...
- A Refi Boom Is a Refi Boom, Right? Wrong.(Brief Article)
- Magazine article from: Mortgage Banking CULVER, CURT June 1, 2001 700+ words
...the following: According to Freddie Mac, 30-year, fixed-rate...refinancing. The 1998--1999 refi boom was a different story. From...Prior to the 1998--1999 refi boom, however, interest rates...market to refinance, and the refi boom itself became front-page...
- Parallels Between the Refi Boom of 1992-1993 and the Current One.
- Magazine article from: National Mortgage News Sinnock, Bonnie May 7, 2001 700+ words
...of the words "refi boom," terminology...accelerate through Freddie Mac's most recent...increases in (the Freddie Mac) report were significant...In the last Freddie Mac report, the average...to how 2001's refi boom will ultimately...
- REFI BOOM HEADACHES: FleetBoston takes hit on sale of servicing portfolio, but...
- Magazine article from: US Banker Muolo, Paul June 1, 2001 700+ words
...servicing fee on a conventional Fannie Mae or Freddie Mac loan is 23 basis points. Government...havoc in the bulk servicing market, the refi boom is causing the "flow" servicing market...make a living selling bulk servicing the refi boom is causing problems, yes. But every...
- The Refi Boom: Will It Sustain Long Enough to Reach 1998 Levels?
- Magazine article from: National Mortgage News Sinnock, Bonnie January 15, 2001 700+ words
...said. This leaves the current refi boom below the levels seen in 1998...still out" as to how long the refi boom will last or how intense its effects...depend on rates. According to Freddie Mac reports last week, the primary...
- How far will the refi boom go?(Brief Article)
- Magazine article from: Origination News Dymi, Amilda March 1, 2001 700+ words
...were speculating on how far the "refi boom" might go this year. At one point...setting $1.5 trillion that Freddie Mac officials originally had forecast...were predicting that the ongoing refi boom will continue at least through...
- Refi boom threatens to bury mortgage lenders.(Brief Article)(Statistical Data...
- Magazine article from: San Francisco Business Times CALVEY, MARK November 9, 2001 700+ words
...percent and a high of 8.6 percent in May 2000, according to Freddie Mac, which funnels money into the mortgage market by purchasing...275,000. Industry heats up Lenders are grappling with the refi boom by expanding staff, incorporating the latest technology...
- 30-Year FRM Rate's Drop to Below 7% May Refuel the Refi Boom.
- Magazine article from: National Mortgage News Sinnock, Bonnie August 20, 2001 700+ words
...mortgage rate tracked by Freddie Mac at press time had officially...may not be far behind. Freddie Mac reported last week...time. But while the refi boom never officially ended...000 a year earlier. Freddie Mac last week reported that...
- Is the market on the cusp of a refi boom?
- Newspaper article from: Asset Securitization Report Sibayan, Karen January 26, 2004 700+ words
...levels have decreased significantly as the refi boom waned. Countrywide said that for consumer...that Countrywide presented, with the Freddie Mac survey rate at 5.66% (as of Jan...prepayment speeds for cuspy coupons. With the Freddie Mac survey rate as a proxy, approximately...
Source: HighBeam Research, Refi Boom Might Still Have Some Legs.