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Refinancing to dip sharply in 2006
Economists predict a rise in interest rate of thirty-year mortgages and annual appreciation of house values to dip into single digits. However they all agree that all this could only serve to stabilize the home market and would eventually be a good thing in the long run.
According to Frank Nothaft of Freddie Mac, refinancing activity will dip sharply. Mortgage originations will be down about 14 to 15 percent in 2006. Most of that will be the decline in refinancing, especially in cash-out refinancing that allows homeowners to pull cash from their equity for other spending.
Read: Rise in 30-year rates, dip in appreciation expected
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