Mortgage applications dropped as rates spiked last week
New applications for home purchase mortgages dropped 13.9% and refinance applications dropped 27.8% last week as 30-year and 15-year Fixed Rate Mortgage (FRM) rates increased according to the Weekly Mortgage Applications Survey from the Mortgage Bankers Association. The 1-year Adjustable Rate Mortgage (ARM) rate fell slightly, but points paid on 1-year ARMs doubled and [...]
November 5 2008, 10:46pm | Original Link »
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