Poll Indicates Few Americans Will Refinance in 2008

January 7, 2008 No Comments »

A poll of 2,335 U.S. adults conducted online from December 4-12 of 2007 by Harris Interactive indicates that 2008 will be a tough year financially for both homeowners and mortgage lenders.

In fact, only four percent of Americans polled said that they plan to refinance their existing mortgage this year, and just two percent said they intend to open a home equity line of credit.

That could spell disaster for many loan originators who rely on that area of the mortgage market.

The poll also found that a sizable 18 percent of those questioned are extremely concerned (the highest level of concern) that Americans are defaulting on their mortgages, while 10 percent are similarly concerned about companies losing money as a result of mortgages going into default.

Rising mortgage rates and unemployment are also an extreme concern for 22 percent and 21 percent of those polled, respectively.

In regard to personal finance, 42 percent plan to pay down their level of debt this year, while 41 percent expect to cut back on their household spending.

When asked to compare the present to last year, only 21% indicated that they feel more secure financially, while 45% believe the economy will get worse in the coming year.

Leave A Response