The Real Estate Refinance Trend Downward Continues
| | Thursday, September 04, 2003 @ 09:55 PM EDT
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Contributed by: William Exeter
William Exeter Properties
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The FreddieMac weekly interest rate survey posted the 30 year Fixed Rate Mortgage at 6.32%, that was a 4 basis point increase over last week's 6.28% rate.
MBAA's weekly mortgage application survey determined that mortgage demand continued to recede.
* The Purchase Index was down
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3.6%, dipping from 390 to 376.
* The Refinance Index continued its freefall, dropping 21.3% from 2,757 to 2,169.
Oh, for the good old days! Less than three months ago the Refinance Index was at 9,978. It has fallen almost 80% since June 5.
Refinance applications now account for 48.9% of all applications. That means purchase money now accounts for 51.1%; it's officially a RESALE market.
Remember, when rates go up, sellers still sell and buyers still buy. It's your attitude, persistence and repositioning that make the difference.
Bill Exeter
Note: The 1031 in 1031 Like Kind Exchanges refers to Section 1031 of the Internal Revenue Code and Section 1.1031 of the Treasury Regulations.
Mr. Exeter has been a senior executive in the 1031 exchange industry since 1986 and has written and lectured extensively on tax-deferred, like-kind exchange transactions pursuant to Section 1031 of the Internal Revenue Code. He has administered in excess of 50,000 1031 exchange transactions during his career.
You can contact Mr. Exeter here
Word Cloud:
months application mortgage resale rate.
mbaa's determined 9,978. it's down days! make since when buyers 2,757 increase june 376.
* dropping refinance 5.
refinance account means sell last posted continues interest weekly demand downward recede.
* persistence applications. attitude, 51.1%; good less continued sellers still difference.
bill repositioning 6.32%, buy. year trend applications 2,169.
oh, money dipping fallen rates real over purchase survey point rate 6.28% than basis estate exeter market.
remember, accounts officially 3.6%, fixed 48.9% 21.3% index freddiemac three week's almost freefall,
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