| Nov 28, 2012 10:19AM In ancient days, when mortgage rates were different for various areas around the country and people relied on carbon paper and Fannie gold book amortization tables, mortgage volumes were cyclical. Lenders could count on a lull in the winter months, especially here in Colorado, since there were fewer home shoppers. But refi's don't have to wait until the summer - they're year 'round although no one expects mortgage rates to go anywhere for the next year or two so there's no hurry. I mention this because... Nov 28, 2012 10:35AM Despite a sizeable increase in consumer debt overall household debt fell by $74 billion in the third quarter of 2012, driven largely by a decrease in mortgage and home equity loan balances . The Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit reported that a drop of $120 billion in mortgage debt and $16 billion in home equity lines of credit were partially offset by a 2.3 percent increase in non-real estate obligations. The drop in aggregate consumer debt continued...
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