Refinance Demand Jumps 39%
After a huge drop in mortgage interest rates, American borrowers rushed to take advantage of the situation by applying for refinance loans.
After a huge drop in mortgage interest rates, American borrowers rushed to take advantage of the situation by applying for refinance loans.
U.S. mortgage rates plummeted last week, as investors continue to fear slower international economic growth.
Long-term U.S. mortgage interest rates fell to their lowest point in over a year, according to Freddie Mac.
Applications for U.S. mortgage loans jumped to a two-month peak in the latest week, according to the Mortgage Bankers Association.
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The Federal Housing Administration (FHA) has announced plans to cut back on “higher-risk” loans, a move that will protect taxpayers from losses but may hamper some first-time buyers.
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