The mortgages are specifically designed and offered to teachers and public employees and feature 20- and 25-year terms.
Despite interest rates remaining near historic lows, existing-home sales dropped last month due to low housing supply and the ongoing rise in home prices above the pace of inflation.
Findings also included those who sell reverse reported that the best thing about offering the product was the considerable growth potential with the aging baby boomer population.
A steady drop in rates is giving homeowners a second chance to lower mortgage payments, and according to Ellie Mae, lenders in January saw their share of refinancing activity jump.
When will rates rise? No one knows, not even the Fed.
Since the president’s action to lower FHA premiums, economists have tried to estimate the number of existing borrowers that could benefit from the reduction, and the Urban Institute is no different.