Mortgage Refinancing Rate Steady
Of all residential mortgage loans made in March, 22.5% were refinancing of existing loans, about the same rate as in February but higher than the 20.3% rate in January, acording to the Mortgage Bankers Assn. of America.
Many homeowners seem to be taking advantage of current market conditions to reduce their monthly mortgage payments, according to Warren Lasko, executive vice president of the association.
“Mortgage rates should continue to decline somewhat, to perhaps the 12% level for fixed-rate loans throughout the spring, and rates on adjustable mortgages can be expected to be in the 10 1/2% to 11% range,” he added.