Refinances in 1st quarter reduce mortgage payments by $2.5 billion

In the first quarter of 2009, half of borrowers who refinanced their loan lowered their annual mortgage interest rate by at least 20 percent according to Freddie Mac’s quarterly Refinance Report. The median ratio of new-to-old mortgage rate was 0.80, the lowest ratio since the third quarter of 2003, and corresponds to a new interest rate that is about 1.25 percentage points below the old rate. In the fourth quarter of 2008 the ratio stood at 0.92.

Source: Real trends

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