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Rate Dip Refuels Refis.(Brief Article)
So far, it's nothing compared to the frenzy of last year. Nor has it reached the high points seen in 1998.
But when 30-year mortgage rates dipped below the 7.00% level in mid-April, the phones started ringing off the hooks again. It now looks like refinancing volume may again exceed expectations this year, even if the refinancing activity doesn't reach the record levels seen last year.
The Mortgage Bankers Association of America recently revised its estimate for interest rates downward. Previously, the MBA had anticipated that 30-year mortgages would average a rate above 7.00% for the second quarter, but now the MBA expects the average to come in at about 6.90%. And other economists are also revising rate forecasts downward, in part because the Fed has put off tightening the money supply for the time being.
Phil Colling, an economist at the MBA, said that the uncertain status of the economic recovery is at the heart of the dip in mortgage rates that occurred in April and May.
"The economy seems to be fairly strong, but there are some questions about the performance of some ...
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Source: HighBeam Research, Rate Dip Refuels Refis.(Brief Article)