Mortgage Applications Stagnate, Even As Dow Rises
The flow of refinance applications increased 11.7 percent as the average 30-year-fixed rate mortgage interest rate rose slightly from 4.80 percent to 4.81 percent. The rate of purchase applications rose 16.7 percent over the previous week, but was 21.4 percent lower than the same week last year. Despite the Dow Jones Industrial Average closing above 12,000 for the first time since June 2008, the housing market continues to slide, hobbled by unemployment and excess inventory.
For more insight on mortgages and refinancing see these AOL Real Estateguides:
- Mortgage Jargon in Simple Terms
- How to Get a Low Mortgage Rate
- When to Refinance
- Four Ways to Benefit From a Cash-In Refinance
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