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Refinance Mortgages Surge!
Posted on Sep 17, 2008 by Mike Geyer
Homeowners rushed to take advantage of the drop in interest rates following the government’s takeover of Fannie Mae and Freddie Mac. Applications to refinance spiked 88% last week accordng to the Mortgage Bankers Association. Also purchase applications edged up by 5% as well. The average rate for a traditional, 30-year fixed rate mortgage dropped from 6.06% to 5.82%. The average rate for a 15-year fixed rate morgage fell from 5.73% to 5.54%.
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