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Refinancing Again Breaks into Record Territory.(Brief Article)
Refinancing once again topped 70% of loan applications in early September, according to a weekly loan application survey conducted by the Mortgage Bankers Association of America.
In fact, the MBA's seasonally adjusted index of refinancing activity broke into record territory during the week of Labor Day, exceeding the highs reached during the peak of the 2001 refinancing boom.
It's not difficult to see why loan applications surged to record territory. In late August and early September, long- term mortgage rates were hovering near 40-year low points, according to the MBA and Freddie Mac.
Freddie Mac reported that the average contract rate on 30-year, fixed-rate loans was 6.18% (with an average of 0.6 ...
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Source: HighBeam Research, Refinancing Again Breaks into Record Territory.(Brief Article)