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March 02, 2005
Mortage Refinancing Drops Off
Recent upticks in mortgage rates have damped the demand for mortgage refinancing.
Home loan refinancing activity slowed sharply last week after climbing steadily so far this year, as rising interest rates dampened demand, an industry trade group said on Wednesday.
The Mortgage Bankers Association's seasonally adjusted index of refinancing applications plunged 9.9 percent to 2281.1 in the week to Feb. 25, after rising for four straight weeks.
"A quarter point rise in mortgage rates over the last few weeks has obviously cut into refinance volume," Michael Cevarr, MBA's director of member surveys, said in a press release.
Fixed 30-year mortgage rates averaged 5.74 percent last week, excluding fees, up from 5.67 percent the previous week. Rates were as low as 5.48 percent in early February.
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Posted on March 2, 2005 06:03 PM by Mortga80.
Filed in Mortgage Calculator under mortgage rates.
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