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Increase in mortgage demand results in slow drop in rates

Mortgage News > Increase in mortgage demand results in slow drop in rates
Date: 01/28/2009    Increase in mortgage demand results in slow drop in rates

After interest rates have hit record lows, the application rate has reached a five-year high within the mortgage industry. Lenders across the nation have cut back their staff as a result of the slowing economy and are now struggling to keep up with the demand..

Industry leaders have found themselves in a catch 22 with the recent increase in applications. Wells Fargo, for example, has been unable to lower interest rates as fast as they would like because of the difficulty in keeping up with lending demands; which has in turn increased the cost of making home loans.

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