September 17, 2008
Mortgage Rates Dip, Applications Climb, And "Paper Losses" Count
"Last week, applications by homeowners looking to refinance their mortgages spiked 88 percent, according to the Mortgage Bankers Association. Refinances accounted for nearly 52 percent of all application activity, up from 36 percent the previous week...purchase applications also edged up last week by 5 percent.
But while the number of applications soared last week, the approval rates will likely be low because appraisals for many homes are coming in close to or below the amount of the existing mortgages."
First Published: September 17, 2008 3:00 PM
Comments from "Plugged In" Readers
Just put in a refi app last week. Looks like some of the same appraisal games. You put down the value you think it is and then the appraiser takes over. Of course the appraiser knows you need to hit that number to either do the deal or get the best rate. Should be interesting to see how it goes.
Posted by: anono at September 17, 2008 3:18 PM