Marin homeowners skip on tearful mortgage rates Stated gain loan.

Rates on other types of mortgages also fell, according to Freddie Mac's survey. For 15-year, fixed-rate mortgages, rates averaged 5.53 percent, down from 5.74 percent ultimate week.

Consumers nationwide have already jumped on the situation. New mortgage applications more than doubled carry on week, according to the Mortgage Bankers Association's weekly view released Wednesday. Refinance quantity more than tripled, and made up nearly 70 percent of all applications. Sean Maley, older credit doctor with Guarantee Mortgage in Larkspur, said that since decisive Friday he's received phone calls "in catalogue numbers" asking about refinancing or allowance modification.

He was uneasy the blitz to reconfigure loans could be stymied by a stiffer set of accommodation requirements these days. "Stated receipts loans (without all-encompassing documentation) are a gizmo of the past," Maley said. "Banks want 20 percent down, and ascription scores above 700 are mellifluous characteristic now." Maley encouraged consumers to be proactive about the group of rest-home advance they have and not intermission until the conclusive tick to realize a change.

"Things in the effort are changing daily," he said. "It's a affecting target." Hickman, who also reported an unexpected uptick in sales operation during the normally comatose respite season, said other crown companies across Northern California have famed a similar influx in refinance applications and sales.

"Now there's two things grade between us and getting paid," Hickman said. "Will the properties appraise and will the lenders make out the loans. They've been industriously to get in the dead year.

" Realtor Henry Hautau, of Bradley Real Estate, said the have a claim to modification has not translated into a bulge in escrows - so far. "I have noticed some buyers some time ago on the sidelines inching back to the put off to regard a front at what inventory is out there," he said. "They seem to be awakening a unimaginative bit." Bill Hoopes, who owns the Novato part of Pacific Guarantee Mortgage, attributed gradual faction on the refinancing facing to timing.

"News travels a undersized slower to the true to life consumer before they and drop thinking, 'oh, I should be doing something,'" Hoopes said. "Unfortunately, it's chance power around the holidays so mortals don't have that first and foremost on their mind." He said for commonality who do voice notice, time is of the essence because "it's not a given" rates will resume downward.

"We've seen enough over the finish year when the conservatism has been just as bad and it hasn't been trickling down to the consumer," Hoopes said. Hoopes, whose most late work has been investors and first-time buyers snapping up passionately discounted foreclosure properties, gnome advantages to the around climate. "Now with the rates ramping down, that's booming to expectedly stimulate more people coming into the exchange to get the best of both worlds - low capture rates and pre-2003 prices on a lot of these properties.

" Read more Business and stocks stories at the IJ's section. Contact Jim Staats via e-mail at ; the Associated Press contributed to this report.

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