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Refinance Activity Continues to Plunge
| | Monday, September 08, 2003 @ 04:16 PM EDT
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Contributed by: William Exeter
William Exeter Properties
Read more archived articles about Credit and Finance
Freddie Mac's weekly survey posted the average 30 Year Fixed Rate Mortgage at 6.28% for the week. That is a 4 basis point increase over the prior week. As long as the rate stays over 6% we are likely to see soft demand for refinance activity.
MBA reported declines in the key weekly mortgage application surveys:
The Purchase Index fell 5%, from 410 to 390.
The Refinance Index dropped another 15%, from 3,238 to 2,757.
Refinance Application activity is now down to a 53.4% share of all applications submitted.
MBA also reduced it's forecast for Refinance originations in 2004, from $833 million to $430 million. The forecast for 2003 is a remarkable $2.1 trillion.
The most significant factor pushing rates up was the renewed optimism that the economy may be heating up. That changed the investment strategies of institutional investors. The 10-Year Treasury bond rate has jumped 134 points since mid-June and the 30 year FRM has followed suit.
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:
refinance weekly forecast activity plunge year application week. index continues over mortgage rate
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