Homeowners that refinance are reducing their interest rate by almost ...

By Dennis Norman, on November 7th, 2012

Freddie Mac released a report showing that, during the third quarter of this year, homeowners that refinanced their first mortgage lowered their interest rate by about 31 percent!? The median rate of refinancing borrowers started around 5.5 percent and the median amount of rate reduction was 1.7 points, resulting in a final rate after refinance of 31 percent less, or about 3.8 percent.

Refinancing homeowners are not pulling out any cash generally though, with 83 percent keeping their mortgage at the same amount or less.

Related posts:

1. Mortgage Rate Update;?Why Refinance?
2. Home Purchase and Refinance Mortgage Activity Drops; Interest rates rise for fourth week in a row
3. Home purchase and refinance mortgage applications jump; interest rates tick up
4. FHA Offers Alternative For Underwater Homeowners
5. Interest rates drop below 5 percent for 30 year fixed rate loan; applications increase

Source: http://realestateconsumernews.com/financing/homeowners-that-refinance-are-reducing-their-interest-rate-by-almost-a-third/

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