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Mortgage Rates Jump over the Holidays

Thursday, January 7, 2010 posted by Tommi Crow

Mortgage Rates jumped nearly one-half percent during the week ending January 1, 2010.  The average rate climbed to 5.18 percent, up from 4.92 percent one week earlier.

Overall demand for home financing has also fallen dramatically.  Loan applications were down 23 percent the last week of December.  Even worse, applications for refinancing were down a whopping 30 percent.

Through the grapevine… I continue to hear from brokers, loan officers and buyers that loans and appraisals are very difficult to obtain.  Apparently, our lenders don’t want to loan any of their money for real estate these days. 

Side note… The banks are also sitting on 2 million foreclosed homes, apparently waiting and praying they’ll make more money later on…hmmmm…. I guess we’ll take their position as a positive sign.  Since they are willing to set on these non-performing assets, I assume they expect less competition later in the year or firmer pricing…

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