Freddie Mac reported that 84% of homeowners who refinanced
their first-lien home mortgage either maintained the same loan amount or lowered
their principal balance by paying in additional money at the closing table, just
shy of the record 85% during the fourth quarter of 2011. Of these borrowers, 46%
maintained about the same loan amount, while 39% reduced their principal balance
in the latest period.
Freddie Mac said the average interest rate reduction was about 1.8 percentage
points, or 33%, the largest percent reduction recorded in the company’s 27 years
of analysis.
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