Refinancing appears to be on the rise yet again.
Just yesterday, we reported that home sales declined 2.6 percent
in March from their February numbers. New numbers from the Mortgage
Bankers Association (MBA) back this up, as its purchase index
declined 11.2 percent in the last week. In light of this change, mortgage refinance
applications climbed 13.5 percent, so they now make up 75.2 percent
of all mortgage applications, which is higher than the 70.5 percent
recorded last week.
Over the last four weeks, refinancing has climbed 2.36 percent
while purchases fell by 0.52 percent. Experts attribute the climb
in mortgage applications to reduced interest rates, which have
hovered near record lows for the better part of the last few