Quicken Loans' CEO Says Fed Rate Cut Could Mark Last Wave of Low Mortgage Rates for Refinancing

Business Wire, April 18, 2001

Business Editors

LIVONIA, Mich.--(BUSINESS WIRE)--April 18, 2001

Today's surprise move by the Federal Reserve to cut the Fed Funds rate by 50 basis points is great news for those consumers who, up to now, have held off refinancing their mortgages.

"This cut is somewhat surprising because it came between regularly scheduled meetings," said Daniel Gilbert, CEO of Intuit's Quicken Loans, a leading online lender. "This cut could mark the last wave of low rates for refinancing. Consumers should take a hard look at refinancing right now, before the Fed's rate cuts heat up the economy and drive mortgage rates back up."

Gilbert says most consumers seeking to refinance via Quicken Loans are applying for conventional, fixed-rate loans. Consumers' average monthly savings are between $150 - 300 a month, with some customers seeing savings of as much as $800 a month. Consumers can calculate their potential savings by entering their mortgage information into the Refinance Calculator at the QuickenLoans.com Refinance Center.

Quicken Loans Refinancing Tips

Anyone who's obtained a fixed-rate mortgage in the last two years, or anyone with an adjustable rate mortgage, could benefit from refinancing. Even consumers who've obtained a mortgage as recently as the last six months should look into refinancing as rates have since dropped.

For example, a consumer with a $250,000 mortgage at an 8 percent interest rate who refinanced the mortgage at a 7 percent rate, would save more than $171 a month, or $2,000, from their yearly mortgage payments.

Anyone with an adjustable rate mortgage may also want to examine current rates to determine if they may be able to lock in a fixed-rate mortgage at rates equal to or lower than their current adjustable rate mortgage.

Consumers wishing to learn more about home financing, or who would like to calculate their potential savings, can do so online by visiting the Quicken Loans Refinance Center at www.QuickenLoans.com, or calling the toll-free number 888/565-2488.

About Quicken Loans

Quicken Loans Inc., a leading provider of direct-to-consumer home loans on the Internet, offers mortgages in all 50 states. The company provides a wide variety of home financing options including conventional, sub-prime, home equity, government, and jumbo loans.

Quicken Loans combines cutting-edge technology and high touch personal service to give consumers a convenient one-stop mortgage lending experience on the Internet. More than 700 experienced mortgage professionals at the Quicken Loans' state-of-the-art Web/Call Center work directly with consumers throughout the entire process to help consumers close their loans quickly. The Web site also educates and empowers consumers through timely interactive tools and information related to the home financing process. Quicken Loans is a wholly-owned subsidiary of Intuit Inc.

About Intuit

Intuit Inc. (Nasdaq:INTU) is the leading provider of financial software and Web-based services for consumers, small businesses and accounting professionals. Its flagship products and services, including Quicken(R), QuickBooks(R), Quicken TurboTax(R) and Quicken Loans(R) simplify personal finance, small business management and payroll processing, tax preparation and filing, and online consumer mortgages.

Founded in 1983, Intuit has annual revenues of more than $1 billion and reaches 22 million customers with nearly 5,000 employees in 13 states and four countries. More information can be found at www.Intuit.com.