Interest Cut Spurs Refinancing Rush
December 17, 2008 - The Salt Lake Tribune- Tribune Staff and News Services
UTAH - Mortgage brokers in Utah and nationally reported a surge of calls Wednesday from borrowers seeking to take advantage of the Fed's extraordinary decision to cut its key interest rate to nearly zero. Most wanted to refinance to something lower than 5.5 percent, while others were trying to tap brokers who were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments. He said some customers locked in early in the day at 4.625 percent, saving them in some cases hundreds of dollars a month in their house payment. He said rates drifted up to 5 percent by the end of the day. More...