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MBA: Home Refinancing Activity Climbs to 7-Month High

MBA: Home Refinancing Activity Climbs to 7-Month High
(Dollar Photo Club)

By    |   Wednesday, 21 June 2017 09:57 AM

U.S. applications to refinance an existing home reached a seven-month peak last week as mortgage rates were unchanged to higher, the Mortgage Bankers Association said on Wednesday.

The Washington-based industry group said its seasonally-adjusted index on refinancing increased 2.1 percent from the prior week to 1,526.8 in the week of June 16.

This was the highest since 1,754.2 in the Nov. 18 week, Reuters reported.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less remained unchanged at 4.13 percent, with points decreasing to 0.34 from 0.35, including the origination fee, for 80 percent loan-to-value ratio loans.

Mortgage applications to purchase a home, which are less sensitive to weekly rate moves, fell 1 percent for the week, seasonally adjusted, but are 9 percent higher than the same week one year ago.

"Both the 10-year Treasury yield and the 30-year conventional mortgage fixed rate held steady last week keeping rates well below the recent highs," Lynn Fisher, MBA's vice president of research and economics, told CNBC. "The recent pause in the upward movement of interest rates continues to encourage late-to-the-game borrowers to refinance and to assist those ready to purchase."

(Newsmax wires services contributed to this report).

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U.S. applications to refinance an existing home reached a seven-month peak last week as mortgage rates were unchanged to higher, the Mortgage Bankers Association said on Wednesday.
MBA, Home, Refinancing, Activity
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2017-57-21
Wednesday, 21 June 2017 09:57 AM
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