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Refinance Applications Fall Even as Rates Decrease

Mortgage News > Refinance Applications Fall Even as Rates Decrease
Date: 11/20/2019    Refinance Applications Fall Even as Rates Decrease

Even though mortgage interest rates fell back under 4% last week, applications to refinance took a sharp dive, according to the Mortgage Bankers Association. Refinance application volume tanked 8%, a drastic turnaround from the 13% jump from the previous week. Home purchase mortgage applications jumped 7% though, which resulted in an overall 2.2% decline in mortgage request volume for the week. Analysts say that the slowdown in refinancing comes from borrowers’ belief that interest rates may not have hit bottom yet this time.

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