Deader Than Dead: as Mortgage Rates Rise, Refinancings Hit 18-Year Low

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via confoundedinterest:

Rising interest rates have led to the lowest level of mortgage refinancing applications since December 2000.

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And compared to the “Go Go” days of the housing bubble, mortgage purchase applications are back to 1997 levels and growing at a tepid rate (by comparison).

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Even rising home prices aren’t thwarting mortgage purchase lending.

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But at least mortgage purchase applications are down only 2.44% over the previous week.

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To paraphrase Freddie “Boom Boom” Cannon, mortgage refinancings are NOT where the action is.

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