Mortgage Applications Drop
Diana Heeb Bivona
The Mortgage Bankers Association announced that mortgage applications were down for the fourth straight week in a row. Incentives to refinance existing mortgages dwindled last week as borrowing costs rose for all loan types.
Although mortgage rates are at an all time high, they are still lower than what they were a year ago. Many economists are hopeful that relatively low long-term borrowing costs will spur a housing rebound later this year, provided the job maket and economy do not slump.
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