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Week over week refinance applications are down 30.4% as mortgage interest rates continue to rise on fears of inflation. They are up slightly at 5% above 2007 levels. Rates are up almost a full 20 basis points (.18%). The slowdown in refinance applications makes sense in light of the recent wild swings of the mortgage market. With rates headed decidedly higher coming off a 4-year low point. If you were gambling on mortgage interest rates going lower a couple of weeks ago when we were looking at that low and telling you to lock some extremely good rates you have lost. Sorry.
More on the weekly interest rate changes from Market Watch:
The interest rate charged on 30-year fixed-rate mortgages averaged 6.27% last week, up from 6.09% the previous week, while the average on the 15-year fixed-rate mortgage increased to 5.77% from 5.55%. The one-year ARM averaged 5.84% last week, up from 5.72%.
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