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Small Rate Dip Won't Restart Refi Boom.(Brief Article)
The refinance boom is over. Finished. Kaput. May it rest in peace.
Its death was confirmed last month by David Berson, chief economist at Fannie Mae. That was before rates fell just below 6% in the first week of July, according to the Mortgage Bankers Association of America. But even with that rate dip, refinancing accounted for only 36% of loan applications, a far cry from the peak of the boom.
"The latest refinance boom is officially over," Mr. Berson said during his annual spring outlook briefing for housing and mortgage reporters.
Historically, refinancing is in full flower when the weekly refi index published by the Mortgage Bankers Association hits 2,000. Earlier this month, the index slipped to 1,400, the lowest reading in more than two years.
Mr. Berson said lenders shouldn't expect many more refi applications, at least not anytime soon. What refi volume there will be in 2004 has "already occurred or been applied for," he said.
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