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Rates Rise and Refinancings Falter

Homeowners seem to have jumped back on the sidelines this week as interest rates climbed. As mortgage interest rates crept back up from all-time lows and the rise in refinance loans has started to diminish. But with the typical 30-year fixed mortgage remaining in the mid-4% range, the cost of home mortgages remains favorable to qualified home buyers who meet the underwriting requirements with today’s tightening lending environment.  No cost home loans continue to be the most popular loan product that consumers are striving for.

The Mortgage Bankers Association indicated that its index that measures home loan application volume dropped 16.5% during the week that ended Friday.  Home mortgage refinancing activity declined by almost 22% and that was the 3rd straight week of falling activity.

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