Low rates drive spike in refinancing
Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments for home purchases and refinanced loans.
Mortgages are cheaper today than they've been in several decades. If only most people had the job security, the credit score and the cash to qualify.
We are roughly one-third of the way through June and so far the major stock market indexes are all negative month to date despite the rally under way Thursday morning.
Housing speculators who got burned and are walking away from their investments drove the foreclosure rate on prime mortgage loans to a record high in the first quarter, with the problem most prevalent in California, Florida, Arizona and Nevada.