Freddie Mac-No Politics (FMCC)

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BULLET: US: Q2 Freddie Mac refinance analysis shows ''that....BY Market News International
— 11:34 AM ET 08/13/2013
US: Q2 Freddie Mac (FMCC Loading... ) refinance analysis shows "that borrowers are continuing to
take advantage of near record low mortgage rates to lower their monthly
payments, shorten their loan terms and overwhelmingly choosing the safety of
long-term fixed-rate mortgages. Borrowers who refinanced in the second quarter
of 2013 will save on net approximately $6 billion in interest over the next 12
months. The net dollars of home equity converted to cash as part of a refinance
remained low compared to historical volumes. In the second quarter, an estimated
$9.5 billion in net home equity of conventional prime-credit home mortgages was
cashed out during a refinance. The peak in cash-out refinance volume was $84
billion during the second quarter of 2006. Adjusted for inflation, annual
cash-out volumes during 2010 through 2012 have been the smallest since 1997." In
refi's 31% (+3 pts) shortened term and 4% lengthened.