Posted by: Todd Long | December 3, 2008

Mortgage Moment

Kim Peschock, our new Century 21 Mortgage representative, has been doing a good job keeping us informed of changes in the mortgage industry.  Here is a story she forwarded on this week that you may find of interest.

Mortgage applications in the U.S. surged by a record last week as lending rates plunged after the Federal Reserve pledged to buy mortgage-backed debt.  The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan jumped 112 percent to 857.7, the highest level since March, from 404.4 the prior week. The group’s refinance index skyrocketed 203 percent, while the purchase index rose 38 percent.   http://www.bloomberg.com/apps/news?pid=email_en&refer=home&sid=a_i8357NDD7k  – This is the web-site for the entire article.

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