The Real Estate Refinance Trend Downward Continues
The FreddieMac weekly interest rate survey posted the 30 year Fixed Rate Mortgage at 6.32%, that was a 4 basis point increase over last week's 6.28% rate.
MBAA's weekly mortgage application survey determined that mortgage demand continued to recede.
* The Purchase Index was down 3.6%, dipping from 390 to 376.
* The Refinance Index continued its freefall, dropping 21.3% from 2,757 to 2,169.
Oh, for the good old days! Less than three months ago the Refinance Index was at 9,978. It has fallen almost 80% since June 5.
Refinance applications now account for 48.9% of all applications. That means purchase money now accounts for 51.1%; it's officially a RESALE market.
Remember, when rates go up, sellers still sell and buyers still buy. It's your attitude, persistence and repositioning that make the difference.
Bill Exeter
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