As the real estate market slows down, the mortgage industry is slowing down even faster.
Mortgage refinancing across the United States has tumbled in the past month, another sign that higher interest rates are siphoning some of the froth out of the housing market.
The Mortgage Bankers Association’s weekly refinance index, which measures refinancing volume, dropped 17 percent between mid-October and the week ending Nov. 18.
In addition, the volume of all mortgage applications — both refinancing and purchases — dipped 3.4 percent compared with the week before, the Washington, D.C., trade group said.
Rising mortgage interest rates, increasing fuel costs, sliding consumer confidence and worries about a potential real estate bubble are casting a chill on the real estate market.via The SFGate
It looks like it will be a lean year for the mortgage industry after years of fairly easy money.
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