The recent drop in interest rates and low home prices has increased mortgage applications across the country.
Despite the negative news about subprime loan problems and rising foreclosures consumers are getting the message that opportunities are alive and well.
The Fed lowering the funds rate by 120 basis points in 10 days is the largest drop in history. Making conditions just right for another refinance boom. However, this refinance boom will be different. The relaxed underwriting guidelines are gone. Today we are seeing lower rates, better products and the pretty standard underwriting practices.
Now is a great time to consolidate debt and for those with ARM's to get a fixed rate. Interest rates are still in the 6's and are still very attractive.
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