Wednesday, October 15, 2014
Lower Mortgage Rates Increasing Financing Demand
The steep drop underway in mortgage rates is sharply stimulating demand
for refinancing but isn't yet doing much for home purchases. The
refinancing index surged 11.0 percent in the October 10 week as the
average rate for conforming loans ($417,000 or less) fell 10 basis
points in the week to 4.20 percent which is the lowest average since
June last year. But in contrast, the purchases index fell 1.0 percent in
the week for a year-on-year decline of 4.0 percent.
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