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http://www.news-from-newspapers.com has found the following results regarding
refinance home
Mortgage Applications Down Last Week-MBA
NEW YORK (Reuters) - Applications for U.S.
home mortgages decreased last week as rising interest rates led to a sizable decrease in refinancing activity and purchasing, an industry group said on Wednesday. "The increase in mortgage rates has reduced application activity across the board, particularly for
refinances.
refinance applications are down more than 60 percent relative to this time last year," Michael Fratantoni, MBA's senior director of single family research and economics, said in a press release. Interest rates on fixed 30-year loans edged up last week, and have been steadily climbing in recent weeks. Fixed 30-year mortgage rates averaged 5.95 percent last week, excluding fees, up 4 basis points from 5.91 percent the previous week, but 24 basis points higher than a month ago. The MBA's seasonally adjusted index of refinancing applications dropped 16.5 percent to 1894.4, after rising 4.2 percent the prior week. Refinancings also decreased as a percentage of all mortgage applications, falling to 39.5 percent from 42.9 percent the previous week. Ditech.com, one of the nation's leading online lenders, has seen a significant drop in demand for refinancings. "Consumers are becoming increasingly reactionary and are very savvy about what they want and can afford," said Michael McCarthy, general manager at Ditech.com. McCarthy said that while interest in loan refinancing has dropped over the past month, he has seen a 15 percent increase in demand for
home equity lines of credit during the same time period. Overall, the Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity decreased 9.5 percent to 658.8 in the week ended March 18, more than offsetting the 3.2 percent rise the week before. In spite of last week's large decline, analysts note that the MBA's refinancing index remains at an elevated level. In July of 2004, with comparable mortgage rates, the index stood at around 1650, about 15 percent below last week. Continued ...
Source: reuters.com