| remained low, averaging 5.76 percent, in the third quarter while the prime rate, key to home equity lending and lines of credit, rose to 6.75 percent,” said home loan for people with bad credit 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 home loan for people with bad credit 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 converted to cash in home loan for people with bad credit noted Nothaft. Freddie Mac expects home sales to 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 of the United States home loan for people with bad credit 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 home loan for people with bad credit (FHA). Fannie Mae buys mortgages on the 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 the sale into new downpayments. A recent study co-authored by Fed home loan for people with bad credit Alan Greenspan put this form of home loan for people with bad credit extraction at roughly $350 billion in 2004 and $300 billion in the first quarter of 2005 at an annualized rate.” Freddie Mac expects 30-year fixed mortgage rates to rise through the end of the year, ending with a fourth quarter average near 6.0 percent, approximately one-quarter of |
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