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Mortgage volume tanks on tiny rate rise [Yet Another Øbama Economic Triumph]
CNBC ^ | 6/19/2014 | Diana Olick

Posted on 06/19/2014 4:57:25 AM PDT by markomalley

It didn't take much to keep potential borrowers away from their mortgage lenders last week—a minimal rise in rates sent volume tumbling 9.2 percent, according to the Mortgage Bankers Association (MBA).

Applications to refinance a loan fell 13 percent on week, while applications to purchase a home fell 5 percent on week and are now 15 percent below the volume seen a year ago.

"Interest rates increased relative to the previous week, as incoming economic data continues to suggest a pickup in the pace of growth," said Mike Fratantoni, MBA's Chief Economist. "Some lenders continue to report that they have pre-approved borrowers who have been unable to find a property given the tight inventory in certain markets."

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Extended News; Government
KEYWORDS: stagflation; therentistoodamnhigh

1 posted on 06/19/2014 4:57:25 AM PDT by markomalley
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To: markomalley

The economy is booming. It is true because I saw it on the news and they would not lie. Clearly you are a racist.


2 posted on 06/19/2014 5:01:40 AM PDT by shelterguy
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To: markomalley

Housing follows the job market, hello


3 posted on 06/19/2014 5:11:41 AM PDT by yldstrk ( My heroes have always been cowboys)
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To: markomalley

Hmmm... from my limited understanding of economics, that doesn’t seem to be a sign of a “robust expanding economy”...


4 posted on 06/19/2014 5:21:06 AM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: markomalley

It’s not the rate rise, everyone is hunkered down waiting for the STHF or the occupier to be removed.


5 posted on 06/19/2014 6:09:56 AM PDT by VTenigma (The Democratic party is the party of the mathematically challenged)
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To: VTenigma

Wonder if I can get a 30 year VA fixed for under 3%?


6 posted on 06/19/2014 7:29:51 AM PDT by EQAndyBuzz ("Heck of a reset there, Hillary")
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