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The market for refinance applications has jumped up.

 

The benefit of the stock market collapse and fed rate reduction are millions of home owners taking advantage of low mortgage rates and refiinancing their homes.

The mortgage bankers association has released a report detailing loan activity for the week ending January 25th. Mortgage applications are up significantly as millions of homeowners are looking to take advantage of the lower mortgage rates in the market. Compared to this point in 2007 the index reported that over 70% more applicants are in the market exploring a mortgage refinance to try get lock into a fixed rate mortgage under six percent. With mortgage rates reaching a five year low in early January many home owners have been alerted thanks to the additional attention of the two recent federal reserve rate cuts. This is also welcome news for many lending institutions who have seen their stock price drop sharply due to the fall out in the housing and credit markets. The low fixed rate mortgages may not last very long as evidenced by the jump up in the ten year bond which has risen over 25 basis points off of its low of  3.33% just a few weeks ago.

2-3-2008 ? LoanNetwork.com

 

 

 

 

refinance applications surge @ loannetwork.com

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