Residential Mortgage lenders riding increased refinancing wave
Spurred by historically low interest rates and the Federal Reserve Bank purchasing $1.25 trillion in mortgage-backed securities, the number of refinances in America is expected to more than double in 2009 compared to 2008.
This spring, mortgage rates hovered just below 5 percent, and that’s prompted three times as many homeowners to refinance their mortgages in the first quarter of 2009 compared to the last quarter of 2008, nationally. While the industry reported $103 billion worth of refinances in fourth quarter 2008, it had $312 billion in refinancings in the first quarter of this year. Projections for the second quarter of 2009 are $506 billion and for the third quarter, $579 billion.
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