October 8, 2009
EXCEPT THAT THEIR NEW MORTGAGE RATE IS STILL USURIOUS:
Mortgage rates below 5 percent fuel re-fi boom (J.W. ELPHINSTONE, 10/07/09, AP)
Refinance applications climbed 18 percent from the previous week, the Mortgage Bankers Association reported Wednesday, as rates on 30-year home loans dropped to their lowest level in four months to 4.89 percent.
With extra cash lining their pockets each month, homeowners could help the economy recover. Since the recession began, American consumers have reined in spending, which accounts for up to 70 percent of the economy. A refinance savings of a couple hundred bucks could go a long way in boosting household finances.
Given the deflationary climate that's a real rate of close to or over 5%, which is still too high. Posted by Orrin Judd at October 8, 2009 6:58 AM