| jason 2006-12-15, 11:01 am |
| Mortgage rates have fallen and are now averaging 6.11%, the lowest since January
The unexpected and steady decline in rates could cushion falling home sales by making mortgage payments more affordable. Lower rates also will help millions of homeowners with adjustable-rate mortgages that are resetting to higher rates — and that, in turn, could stem rising foreclosures.
At the same time, more homeowners might now decide to refinance their homes and take out some spending money, which would give the economy a little juice.
Already, mortgage brokers are seeing a jump in the number of homeowners who are refinancing ARMs or consolidating mortgages and home-equity lines into one fixed-rate loan.
Lower rates would improve the affordability issue, which has really become a challenge to a lot of American homeowners," says LaVaughn Henry, economist for The PMI Group, a mortgage insurance company.
Leman realty and mortgage offers services to buy or sell properties in Chula Vista or San Diego. Visit their website: http://www.lemanrealtyandmortgage.com/ |