• Refinancing activity in the US just plunged to the lowest level in over a decade

    2 days ago - By Business Insider

    Reuters
    Refinancing activity plunged to the lowest level since 2000.
    Refinancings decline when interest rates rise.
    Rising interest rates are making it more challenging for potential homebuyers to afford the inflated home prices prevailing in many US housing markets.
    On its way to 5% and higher: The average interest rate for 30-year fixed-rate mortgages with conforming loan balances and a 20% down-payment rose to 4.84% for the week ending September 7, 2018, the Mortgage Bankers Association reported this morning.
    Mortgage rates - which move roughly in parallel with the 10-year Treasury...
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