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Refinancings plummet as mortgage rates rise
The Mortgage Banker’s Association index of loan application volume dropped 18.6-percent from last week, with refinancing applications falling 24.6-percent. It’s the sixth consecutive week of declines for the Refinance Index, which is at its lowest level since April. “Refinance application volume dropped sharply this week as mortgage rates held near six month highs,” said MBA [...]
The Mortgage Bankers Association forecasts that home sales will rise slightly in 2011 but won’t really gather momentum until 2012. The industry group’s latest report released this week predicts existing-home sales — forecast to be about 8 percent lower this year than last, are expected to grow by less than 2 percent next year before [...]
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