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Mortgage Refinancings Hit 6-year Low

chicagotribune.com | June 1, 2014

By Mary Ellen Podmolik

Mortgage refinancing of Fannie Mae- and Freddie Mac-backed loans plummeted to a six-year low during the first quarter, as escalating mortgage rates dried up demand.

During the first three months of the year, the agencies refinanced 370,856 mortgages, the lowest level of activity since 2008, according to a report from the Federal Housing Finance Agency, the overseer of Fannie Mae and Freddie Mac.  That compares with more than 506,000 loans in 2013’s fourth quarter and almost 1.4 million loans in 2013’s first quarter.

Average mortgages this year have ranged from 4.3 percent more than 4.43 percent, according to Freddie Mac, compared with rates of around 3.5 percent in the first quarter of 2013.

The FHFA also said that demand for refinancing made under the Home Affordable Refinance Program declined substantially from 2013’s fourth quarter but there continued to be significant interested in the program in states where many homeowners remain underwater in their mortgages. That included Illinois, where HARP mortgage refinancings accounted for 31 percent of all activity in the first quarter.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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