Devine, James wrote:
but how much have mortgage payments risen as a percentage of personal disposable income? after all, interest rates have fallen and refinancing is the big trend these days.The decline in the interest burden from refinanced mortgages is a surprisingly small number. Most refinancings these days involve taking cash out of appreciated equity, which adds to principal. Goldman Sachs estimates that cashouts are as high as 4% of DPI.
Doug
