Reviving Boom In Refinances
February 6, 2008
Another notable trend in the mortgage market is the current boom in applications for refinance mortgages. "Refinance applications are up 92 percent since the beginning of November, while purchase applications are up 7 percent," said Jay Brinkmann, vice president of the Mortgage Bankers Association. "With tighter credit conditions we don’t know how many of these applications will become loans, but it is clear that borrowers are responding to the recent lowering of interest rates." The refinance share of mortgage activity has increased to 73 percent of total applications.
Posted in Lending, Local Business, Real Estate
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