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May 16, 2012
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Freddie Mac released its Quarterly Product Transition Report for the first three months of 2012. U.S. homeowners who mortgage refinance overwhelmingly chose fixed-rate mortgages over other loan products. Over 95 percent of borrowers prefer fixed rate mortgages whether they had adjustable-rate mortgages (ARMs) or fixed rate loans originally.
The percentage of borrowers who refinance to fixed-rate loans remain at the same share as reported Q1 last year.
The report reviewed mortgage refinance applications submitted to Freddie Mac during the first quarter of 2012. Following are some of the metrics revealed in the Freddie Mac survey:
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Updated 7 days ago
When the housing market peaked in the summer of 2006, Barron’s magazine wrote that home prices would drop as much as 30% over the next few years. The economists underestimated, and home prices have dropped to an average of 36% according to the latest S&P Case/Shiller home price index.
For most of last nearly six years, the housing market has declined to levels that would have been impossible for most people to imagine during the boom years. Starting in the last quarter of 2011, and continuing through the first quarter of 2012, the housing market has sent a bundle of mix signals as it attempts to find a bottom.
For homebuyers and real estate investors, the deep recession has a presented an opportunity to buy properties at bargain rates and finance them at low mortgage interest rates.
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Updated 7 days ago
In many regions of the country, it seems all the indicators point to home prices starting to stabilize. Many housing market economists believe that homes prices have reached the bottom in most regions of the country. Homes prices have dropped an average of 34 percent since July 2006. In addition, homebuyers can obtain interest rates for home mortgages and mortgage refinance at extraordinary low rates. Many housing analysts have signaled that 2012 may present the best opportunity for homebuyers to purchase the home they want at cheap prices.
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Foreclosure and Bankruptcy
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