Refi Encore? Not Likely
January began much the way most of 2003 went, with mortgage rates slipping well below the 6% threshold.
While the three-year-old refinancing boom may have lived into the beginning of 2004, Doug Duncan, chief economist of the Mortgage Bankers Association, says he does not believe the boom has much more staying power.
While he's not expecting a dramatic rise in rates (his forecast calls for the average 30-year mortgage rate to be in the 6.3% to 6.5% range by the end of this year), that should cut refinancing to about 35% of the market in '04.
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