Home Refinancing May Have Hit Peak
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From Dow Jones/ Associated Press
The wave of home refinancings fell sharply last week.
The Mortgage Bankers Assn. said its refinancing index, which tracks the number of new applications, fell 21.3% to 6,769.3 last week.
While the drop was steep, refinancing remains at record high levels, even in comparison to last year’s strong run.
Mortgage rates have been rising since mid-June as long-term bond yields have climbed, reflecting some investors’ expectations of a pickup in economic growth.
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