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SUNDAY, NOVEMBER 22, 2009
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'F@$%! I Wish I'd Refinanced My House'

With mortgage rates rising, homeowners regret not acting sooner

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(Newser) – Many homeowners are kicking themselves for not refinancing sooner now that mortgage rates are climbing, ABC News reports. “I was going to save $325 a month, and that covers all kind of things, from gas to groceries,” lamented one. “$325 is a lot of money.” And it’s money, economists say, that could have been used to boost consumer spending.

The Federal Reserve has already spent billions trying to drive down mortgage rates, which shot up to 4.91% this week from 4.5% in March. Experts say the Fed will need to do more to curb this upward swing and revitalize the economy. “This big increase in mortgage rates is something that will keep us awake at night,” said one strategist.

Some cash-strapped homeowners say they are worried that they've missed their chance to save a bundle.
Some cash-strapped homeowners say they are worried that they've missed their chance to save a bundle.   (Shutter Stock)
Some cash-strapped homeowners say they are worried that they've missed their chance to save a bundle.
Some cash-strapped homeowners say they are worried that they've missed their chance to save a bundle.   (Shutter Stock)
Some cash-strapped homeowners say they are worried that they've missed their chance to save a bundle.
Some cash-strapped homeowners say they are worried that they've missed their chance to save a bundle.   (Shutter Stock)
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I do think they will act at some point. Hopefully relatively soon. - Mahesh Swaminathan, a mortgage strategist, on the Federal Reserve

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2 comments
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inky
May 31, 09 5:03 PM CDT
Good luck refinancing even if your credit is stellar. Ours is, and our CURRENT lender made us jump through all kinds of hoops like never before. We'd always done full documentation, but the real joke is the appraisals. The pendulum has swung so far back to uber conservatism that most people will have 0% loan to value. Reply
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inky
May 31, 09 5:04 PM CDT
Whoops -- I meant to say 100-125% loan to value. Reply
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