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 [...]

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