The REFI Slide Continues!
Freddie Mac's Primary Mortgage Market Survey set the average 30 year FRM (Fixed Rate Mortgage) at 6.24% this week. A year ago the rate was 6.22%. Although it is a 10 basis point improvement over last week's level of 6.34%, it was not enough to stimulate any demand for refinancing.
The MBAA (Mortgage Banker's Association of America) reported a sharp downturn in mortgage applications during the week:
* The Purchase Index fell 10.3% from 456 to 410
* The Refinance Index fell 20% from 4,048 to 3,238
On June 5, the Refinance Index was at 9.978.
Refinances as a percent of all applications have fallen from 78% two months ago to 55%.
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