Another Dim Outlook for Refinancing

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Posted To: MND NewsWire

Refinancing activity has probably held up better than expected as interest rates have risen. Refinance applications accounted for more than 40 percent of the total in each of the Mortgage Bankers Association’s weekly application volume summaries in December, aided by an unexpected dip in rates. But CoreLogic’s chief economic Frank Nothaft is predicting a dim future for that part of the business. In his Economic Outlook for January, Nothaft says he expects mortgage rates to reach their highest levels in a decade this year, affecting home buyers’ monthly payments and lessening the impact of new conforming loan limits. But the larger effect will be on refinancing. Millions of homeowners have already refinanced into the record low rates over the last few years, and they, as well as those who have…(read more)

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