Refinance mortgage getting tougher - 2007-02-08
With rates on many homeowners' adjustable-rate mortgages climbing up, some who would like to do a refinance mortgage are finding out they cannot. In some cases, their mortgage has a prepayment penalty, which would force them to pay thousands of dollars if they refinance in the first few years. Other borrowers are getting caught short in a less robust housing market, where home prices have flattened or is dropping.
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Mortgage rates dip on weak job growth - 2007-02-08
Moderate job growth numbers, along with a slight increase in the unemployment rate, nudged mortgage rates down a bit in the past week, according to a survey released Thursday. The 30-year fixed-rate mortgage rate averaged 6.28 percent, down from 6.34 percent where it stood last week, according to Freddie Mac's Primary Mortgage Market Survey. Last year, the 30-year fixed mortgage rate was at 6.24 percent.
Read the full story at CNNMoney.com