Monday, June 22, 2009

MBA lowers mortgage expectations

From BusinessWeek:
The Mortgage Bankers Association today significantly lowered its 2009 mortgage origination forecast to $2.03 trillion, a drop of $700 million below its March projection. The primary reason: higher interest rates. Interest rates climbed from 5.19 on March 25 to 5.76 on June 17, according to Bankrate.com.

Rising interest rates have put a serious damper on refinancing.

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