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i] - [xi]], the error reduction of REFI for n = 40.
With a no-cost refi, you reduce your monthly mortgage by taking advantage of today's historically low interest rates.
Last year's forecast called for $495 billion in refi volume, while the estimated number for all of 2012 is looking to come in closer to $1.
Management at DB&T appreciates the benefits of the Refi Plus program, which allow financial institutions to better retain mortgage customers through an effective, quick refinance option.
Refi business made up more than 75 percent of total loan applications for 16 weeks from August through November, according to the Mortgage Bankers Association (MBA).
Bankers worry about refi customers who take out the cash, pay down their credit cards but continue to spend, creating a debt bubble without the safety net of home equity the next time.
The Refi rate is bracketed by a floor rate, at which commercial banks may place money with the ECB for 24 hours, and a ceiling rate, at which they may borrow for the same period.
Shorter term, popular 15 year refi FRMs are on the books at 2.
The ECB's lower refi rate will lower the cost of the liquidity that is provides to banks but is unlikely to lead to a revival in bank lending.
13 trillion in residential originations in 2011, with a refi share of just 42 percent.
A loan of $650,000 for Refi & Construction multi-family (16-apts.
The rule of thumb is that homeowners should consider a refi if they can save 1 percentage point and plan on staying in their home for at least five more years.