The AFS Title Search Index fell 2.3% to 206.1 for the week ended Aug. 21 from 210.9 the previous week, according to Advance Factor Service.The index averaged 209.1 over the previous four weeks, down 2.4 points from the prior week's four-week moving average. A year ago, the index stood at 155.0, 75.2% of the current level. "Despite the near riot on Friday to purchase U.S. Treasuries, mortgage rates were little affected," said AFS manager Paul Descloux. "...Absent an increase in the refinance incentive, look for the AFSTSX to remain near current levels over the next few weeks as the equilibrium between available mortgage rates and title searches remains." Mr. Descloux's e-mail address is paul.descloux@cor.dowjones.com.
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