Weekly mortgage refinances drop to an 18-year low as rates jump [CNBC]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: CNBC
A sharp rise in interest rates last week meant far fewer homeowners could benefit from a mortgage refinance. That was the primary driver behind a 2.6 percent drop in total mortgage application volume last week, according to the Mortgage Bankers Association. Volume was 10.5 percent lower than the same week one year ago. Published 48 Mins Ago CNBC.com Carlo Allegri | Reuters A Bank of America branch in New York City. A sharp rise in interest rates last week meant far fewer homeowners could benefit from a mortgage refinance. That was the primary driver behind a 2.6 percent drop in total mortgage application volume last week, according to the Mortgage Bankers Association's seasonally adjusted report. Volume was 10.5 percent lower than a year ago. Refinance volume has been falling for the past month as rates rise, dipping another 4 percent last week to the lowest level since December 2000. Refinances ar
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