refinancing volume is expected to decline over 2007

The percentage of homeowners taking cash out of their homes in the first quarter, however, was unchanged from the 2006 fourth quarter, Freddie Mac said.A drop in overall mortgage creation and refinancing this year should dampen the volume of wealth extraction, the company said.In both the first quarter and the 2006 fourth quarter, 82 percent of Freddie Mac owned loans that were refinanced went into new mortgages that were at least 5 percent higher than the original balances.quarter we saw $70.5 billion cashed out, down from a revised $77 billion cashed out in the fourth quarter of 2006, said Amy Crews Cutts, Freddie Mac deputy chief economist.refinancing volume is expected to decline over 2007, due to an expected 6 percent reduction in overall mortgage origination activity and a fall in the refinance share of originations to around 44 percent for the year, she said.Mortgage refinancings averaged 46 percent of all home loans in the first quarter, the same as in the fourth quarter of last year, according to Freddie Mac. Housing is expected to continue to stumble after five years of record sales and price gains at the start of the decade.Lenders have also tightened underwriting standards due to rising defaults in the subprime mortgage market, crimping mortgage volume.Freddie Mac also reported that home price appreciation slowed in the first quarter.Houses refinanced in the first quarter had a median price gain of 24 percent from the time the loans were first made, down from 27 percent in the prior quarter, Freddie Mac said.BORROWING COSTS RELATIVELY FAVORABLE Despite a slowing trend, the pace of wealth extraction remains high because other loan options carry much higher interest rates.Half of the borrowers who paid off their original loan and took out a new one did so at a higher mortgage rate, Freddie Mac saidStill, the average rates of 6.2 percent for 30 year mortgages and 6.0 percent for 15 year loans in the first quarter were well below the 8.25 percent average home equity loan rate.interest rate difference provides a big incentive to borrowers to use cash out refinance as an alternative to home equity loans, said Frank Nothaft, Freddie Mac chief economist.Freddie Mac expects rates on 30 year mortgages to average between 6.3 percent and 6.5 percent this year. Initial rates on one year Treasury indexed adjustable rate mortgages should hover around 5.5 percent, according to Freddie Mac.The lion share of Freddie Mac adjustable rate mortgages (ARMs) facing interest rate resets this year have already refinanced, the company said.Mac estimates that in September 2006, there were about $170 billion in prime ARMs outstanding with scheduled rate resets in 2007, Crews Cutts said.

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