financial and economy : Low interest rates are sparking a race to refinance.
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Mark Chaffee, vice president of Mortgage Financial Services in South Burlington, thought last summer that mortgage rates couldn't go much lower. Then came 2002. After rising briefly at the start of the year, today's rates, 0.75 percentage points lower than where they were in August 2001, are at 30-year lows. ... Now, those in the mortgage industry say they work seven days a week trying to meet demand of people refinancing their home mortgages. Chaffee said his firm will do about $179 million in loans in Vermont this year, about the same as last year. Compare this to $55 million in 2000, Chaffee said. Mortgage brokers and banks are working with clients to get them interest rates of between 5 percent and 6.5 percent for loans with terms of 15 or 30 years. Many people are turning their 30-year mortgage into a 15-year loan, saving them thousands of dollars over the life of the loan.
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