Monthly Bulletin March 2015

The Monthly Bulletin March 2015

Borrowers who refinanced in 2014 are expected to save a lot of money According to the 2014 Fourth Quarter & Full Year Refinance Report published by Freddie Mac, borrowers who refinanced in 2014 will save on net approximately $5 billion in interest payments over the first 12 months of their new loan. Over the course of last year, borrowers continued to take advantage of near record low mortgage rates to lower their monthly payments, shorten their loan terms and overwhelmingly choose the safety of long-term fixed-rate mortgages. Mortgage rates dropped sharply at the end of 2014 breathing new life into the refinance market. For those who refinanced, the average interest rate reduction was about 1.3 percentage points. On a $200,000 loan, that translates into saving about $2,500 in interest during the next 12 months. Refinance activity is expected to continue in 2015 as long as rates remain low. Newsletter article photo

Quotes of the Month
“Sometimes we stare so long at a door that is closing that we see too late the one that is open.”
– Alexander Graham Bell, inventor / Born: March 3, 1847
“A person who never made a mistake never tried anything new.”
– Albert Einstein, physicist, philosopher / Born: March 14, 1879
“The consequences of an act affect the probability of its occurring again.”
– B. F. Skinner, Psychologist / Born: March 20, 1904

Monthly Bulletin