Some More Mortgage Refinance Facts!
Mortgage and refinance news!
Legislation introduced today by Sen. Johnny Isakson (R-Ga.) would increase the maximum tax credit to $15,000 and remove a number of restrictions, including limits on income and the first-time buyer requirement. The bill was co-sponsored by several members of both parties, including Senate Banking Committee Chair Chris Dodd (D-Conn.).
This is an attempt to stimulate the home buying and mortgage markets. People will also likely be more apt to refinance, thinking that the lending procedures are loosengin up a little bit.
Mortgage applications still heading downward?
mortgage applications fell last week,
reflecting a plunge in demand for home refinancing loans as interest
rates surged to their highest levels since late January. It looks like any mortgage refinance recovery will be put on hold for quite some time. Some companies are reporting that mortgage applications are 75% lower than they were just a few months ago, when interest rates were at their all time lows!
It seems that there are more and more restrictions being placed on mortgage products theres days, and that the refinance market is quickly drying up, after many years of prosperity!
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