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Relevant Information—For You, By You
Dwight Johnston, Vice President and Chief Economist for the California and Nevada Credit Union Leagues

STAYING AHEAD OF THE MORTGAGE CURVE
updated 10/17/13 10:55 AM
Some Positives for CA, NV
With a sudden surge in mortgage rates, it’s time to look at the impact. It’s not as bleak as you might think.

I’ll start with the bleak. The refinance market has hit a brick wall. Activity in the United States fell by more than 50 percent since the first quarter, and a further slowdown is likely.

When mortgage rates were at their lows in early 2013, 80 percent of all U.S. mortgages could theoretically be refinanced. This doesn’t take into consideration that some mortgages wouldn’t be eligible due to having negative equity. The 80 percent dropped to 30 percent.

Click here to continue reading the latest Market Performance column on Page 11 within the October/November edition of Credit Union Digest!

                           
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