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November 28, 2007

Mortgage Rates Drop Again – Will There Be Another Refi Boom?

Mortgage rates have dropped significantly in the last month, down below 6%.  The common wisdom is that the Fed will drop rates again, likely leading to even lower mortgage rates.  Will this lead to another refi boom?

 Not soon, according to industry experts because the continued tightening of the mortgage lender standards.  While interest rates are low tempting the “A” borrowers, most of the alt-doc and subprime borrowers cannot take advantage of these low rates because of more stringent qualifications. 

 Also, most howeowners who are strapped to high payments have very little equity and cannot refi.  Until inventories shrink and prices start rising again, it is doubtful we’ll see a huge refi boom.

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Attorney William Bronchick


Attorney William ("Bill") Bronchick, the host of Legalwiz.com, has authored six best-selling books and is sought nationwide for his 30+ years of real estate and legal knowledge. He has been interviewed by numerous media outlets, such as CNBC, TIME Magazine, USA Today, Investor Business Daily, Forbes, and the LA Times, to name a few. William Bronchick is the co-founder and past President of the Colorado Association of Real Estate Investors and the President of the Colorado Landlords Association. Click on the "About" link above for more information on William Bronchick.

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