Mortgage refinancing requests climbing - KWWL - Eastern Iowa Breaking News, Weather, Closings

Mortgage refinancing requests climbing

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NEW YORK (AP) -- Applications for refinancing mortgages jumped last week to close at the highest level all year, while purchase applications lagged.

The Mortgage Bankers Association says overall applications rose 14.6 percent from a week earlier, driven by a 21 percent increase in applications to refinance home loans.  Applications for loans to purchase homes, however, tumbled 8.5 percent from a week earlier.

Rates have been at or near the lowest level in decades since spring, as investors have poured money into safer Treasury bonds, lowering their yields.  Mortgage rates tend to track those yields.  However the weak economy has dissuaded would-be home buyers from purchasing.

 

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