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Want a Stronger Economic Recovery? Encourage More Home Refinancing
Posted to: Around The Web
Wednesday, February 20, 2013 10:05 AM

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In last week’s State of the Union address, President Obama urged Congress to pass legislation that would help more homeowners refinance. Much of the policy focus in this area has been on proposals that would modify the government’s Home Affordable Refinance Program , which helps borrowers with loans insured by Fannie Mae or Freddie Mac. However, other proposals would go further, such as one that is reportedly being developed to facilitate the refinancing of mortgage loans that are not backed by the government. Finding ways to encourage refinancing is good policy. The Federal Reserve has done its part: Its asset purchase programs have helped to lower long-term interest rates to historically low levels. The interest rate on new 30-year fixed-rate mortgages is now around 3


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Mortgage Rates:
  • 30 Yr FRM 3.94%
  • |
  • 15 Yr FRM 3.12%
  • |
  • Jumbo 30 Year Fixed 3.88%
MBS Prices:
  • 30YR FNMA 4.5 108-10 (0-00)
  • |
  • 30YR FNMA 5.0 110-19 (0-01)
  • |
  • 30YR FNMA 5.5 111-17 (0-00)
Recent Housing Data:
  • Mortgage Apps 5.62%
  • |
  • Refinance Index 10.63%
  • |
  • FHFA Home Price Index 0.67%