The rich are refinancing as housing market struggles

October 30, 2014

Mortgage rates bumped back over 4 percent last week, CNBC reports, causing a drop in mortgage applications to refinance and to purchase a home.

 

The Mortgage Bankers Association announced that total application volume fell 6.6 percent from the previous week. Refinance applications were off 7 percent week-to-week after lower interest rates in the previous weeks caused it to soar.

 

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