Mortgage Rates on their way up!

Posted on Oct 19, 2011

Mortgage rates have just increased as a result of decline demand, according to the Mortgage Bankers Association. Refinancing and applications for new home financing were down.

Refinance applications dropped 16.6% from a week earlier, and consumers applied for fewer new home mortgages, 8.8%. The fall-off in mortgage financing came as mortgage rates on the 30-year fixed rate loan rose to an average of 4.33% on fully executed home loans, an eight basis point rise for the week alone.

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