| credit, rose to 6.75 percent,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The sharp rise in bank chase mortgage rate 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 purposes 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 bank chase mortgage rate to cash in 2004,” noted Nothaft. Freddie Mac expects home sales to bank chase mortgage rate 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 of 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 the bank chase mortgage rate 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 bank chase mortgage rate 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 the sale into new downpayments. A recent study co-authored by Fed Chairman Alan Greenspan put this form of equity extraction at bank chase mortgage rate $350 billion in 2004 and $300 billion in the first quarter of 2005 at an annualized rate.” Freddie Mac expects 30-year fixed |  |
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