Refinancing Boom Ending

The recent run-up in mortgage rates has cooled the recent refinancing boom.   Refinancing applications fell 12% last week.  Mortgage applications fell 7.2%. Freddie Mac reports 30-year mortgages averaged 5.59% this week,  the highest since November 2008.  Adjustable rate mortgages rose to 5.04%. The Federal Reserve had been buying up Mortgage Backed Securities in order to [...]

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Mortgage Rates Jump

Thirty-year fixed mortgages jumped to 5.45 % last week, up from a low of 4.85 % in April and threatening to derail any economic recovery.   The yield on10-year Treasury notes jumped to 3.9% last week as inflation leary investors demanded higher yields. In March, the Fed pledged to use up to $1.25 trillion to buy [...]

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