HIGH ANXIETY FOR BANKS

摘要

After buying his Austin (Tex.) house in 1984, Patrick E. Cassidy rode along for more than a decade with 10%-plus mortgages. But as rates began their sharp descent in recent years―and banks made the mortgage process much easier―refinancing has become an almost annual ritual for the Southwest Texas State University professor: He swapped his old mortgage for a 7% note in 2001, then pulled the trigger again on a 5.75% loan last fall. And with 15-year rates now below 5%, Cassidy is ready to refi again. "Refinancing is not even (worth) a discussion," he shrugs. "We just look at the rates and say, 'O.K.'"