In their weekly report, the Mortgage Bankers Association of America announced yesterday that refinance applications were down over the previous week, wehn measured as a percent of the total applicaiton. In addition, the number of adjustable rate mortgages (instead of fixed rate) increased over the previous week. 49.4 percent of total applications, from 50.0 percent the previous week.
For more complete information, read the press release of the Mortgage Bankers Association.
The Federal Reserve left the Federal funds rate unchanged Tuesday. The compete press release of the Federal Reserve can be read online.
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