“A sharp rise in mortgage rates over the last few weeks means it may already be too late for many homeowners to benefit from a refinance.
This just as thousands were gaining equity in their homes and finally becoming eligible.
At the same time, it is pushing some renters off the fence, fearing they too will miss the boat on the best conditions for home buying.
Refinances dropped 12 percent last week, while mortgage applications to purchase a home rose 3 percent and are now up 14 percent from a year ago, according to the Mortgage Bankers Association…..”
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