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.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Residential Mortgage lenders riding increased refinancing wave is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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