According to the Mortgage Daily News: December 22nd 2010
“Refinance Demand Hits 8-Month Low as Mortgage Rates Rise”
Here is a quick summary of the main points
The Refinance Index decreased 24.6 percent from the previous week. The Refinance Index has declined six straight weeks and is at its lowest level since the week ending April 30, 2010. The four week moving average is down 1.2 percent. The refinance share of mortgage activity decreased to 72.3 percent of total applications from 76.7 percent the previous week. This is the lowest refinance share observed in the survey since early June 2010.
Will more homeowners seek to refinance after the holidays as Christmas credit card bill come due or will the higher rates continue the slide in refinance applications? What is your opinion?