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 drive down mortgage rates… a process unlikely to continue.

Related posts:

1. Mortgage Rate Falls Again
2. 30 Year Mortgage Rates Fall Below 5%
3. More Mortgage Woes Ahead
4. Fed Purchases Of Mortgage Backed Securities To End
5. Higher Mortgage Rates Possible

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