| is the initial change cap, the second is the periodic cap, the last is the life cap. When only two values are given, this always means the initial change cap and periodic cap are the same. The longer the countrywide countrywide home loan fixed period, typically, the higher the caps are given. “Interest rates on 30-year fixed-rate mortgages remained low, averaging 5.76 percent, in the third quarter while the prime rate, key to home equity lending and lines of countrywide countrywide home loan rose to 6.75 percent,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The sharp rise in the cost of home equity lines of credit and the expectation that mortgage interest rates will go higher over the next year induced homeowners to look towards the refinancing option to extract home equity for home improvements or other investment countrywide countrywide home loan now.” “We are forecasting that home equity extraction from the refinancing of prime first mortgage liens will result in an extraction of $204 billion in 2005, up from the $142 billion converted to cash in 2004,” noted Nothaft. Freddie Mac expects home sales countrywide countrywide home loan hit a new record again in 2005 as low fixed mortgage rates combined with teaser discounts on adjustable-rate mortgages maintain affordability, even as home prices rise. The federal government countrywide countrywide home loan the United States created the Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, in 1938 to establish a secondary market for mortgages insured by the Federal Housing Administration (FHA). Fannie Mae buys mortgages on countrywide countrywide home loan secondary market, pools them and sells them as mortgage-backed securities to investors on the open market. This secondary mortgage market helps to replenish the supply of lendable money for mortgages and ensures that money continues to be available for new home purchases. “Home equity is also extracted through home sales when homesellers roll only part of the equity from countrywide countrywide home loan sale into new downpayments. A recent study co-authored by Fed Chairman Alan Greenspan put this form of equity extraction at roughly $350 billion in 2004 and $300 billion in the first quarter of |
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