Wednesday, September 23, 2009

Mortgage Refinance Boom! Is 2003 Here Again?

Today's Wall Street Journal, Amy Hoak talks about MBA's survey of mortgage applications for the prior week.  The survey showed a 12.8% rise mostly from mortgage refinance applications.

Recordings of mortgage deeds confirm a steady month over month rise in the number of refinance mortgage originations during 2009.  With fixed mortgage rates falling below 5 percent,  interest rates are below the rates of the 2003 refi boom.  We do not expect mortgage originations in this current refi boom to approach the levels seen in 2003.  During 2003 the refinances included large equity extractions.  This time around, most  mortgage refinances are used to replace existing mortgage debt at lower cost. Less "cash out" refinancing is taking place as compared with 2003. In other words. these refinances are real mortgage refinances. Homeowners who refinance are improving their cash flow and their net worth.

Using recordings of mortgage deeds of trust at county court houses, MortgageDataWeb ranked the top conventional refinance mortgage lenders and the top FHAVA (Government Insured) mortgage refinance lenders based upon data collected through July for 2009.

Conventional Refinance Mortgage Leading Lenders
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FHAVA Refinance Mortgage Leading Lenders
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It must be great to be a mortgage lender still standing in 2009!

1 comment:

pjeary said...

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