In the first quarter, 43% of the homeowners who refinanced their homes got a mortgage at least 5% larger than the original loan, nearly unchanged from a revised 44% in the previous quarter, according to Freddie Mac.The percentage was slightly higher than the 41% level recorded a year earlier, the government-sponsored enterprise said in its quarterly refinance review. "With mortgage rates above the 46-year low of last June, the refinance volume is less than last summer's," said Frank Nothaft, Freddie Mac's chief economist. "The share of cash-out refis tends to rise when overall refinancing activity slows down because fewer borrowers find it economical to refinance their mortgages simply for a lower rate, but the cash-out alternative may be a very affordable option." Freddie Mac can be found online at http://www.freddiemac.com.
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The rates of single parent homeownership by gender differ by 14 percentage points, even though more single women own homes than men.
2h ago -
Purchases and refinances both contributed to weekly growth, with notable increases in certain government-lending segments, the Mortgage Bankers Association said.
2h ago -
McCargo will succeed Teresa Bryce Bazemore at what the former sees as a "transitional, pivotal moment" for the Federal Home Loan bank.
5h ago -
Freddie's plan "has merit," but if also used by Fannie, it might create competition for many closed-end, second liens in PL RMBS, according to new research.
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While the company made headway in reducing operational costs, it incurred several million dollars worth of expenses as it dealt with the January incident.
May 7 -
Federal Reserve Chair Jerome Powell said there have been "no decisions" on the controversial capital reform plan, but banks and others who have criticized the proposal are eager for an indication about what's next.
May 7