The AFS Title Search Index rose 2.1% to 267.8 for the week ended Sept. 25, its highest level of the year, according to Bridge/Telerate Advance Factor Service.The index averaged 244.9 over the previous four weeks, up 14.8 points from the prior week's four-week moving average. A year ago, the index stood at 160.0, 59.8% of the current level. "The AFSTSX has surged some 30% from its low of 206.1 the week ending Aug. 21," said AFS manager Paul Descloux. "This portends that 1998's refinance plateau will continue in all likelihood through the end of the year, with prepay speeds for 7.0s, the largest coupon by volume in the mortgage universe, rising towards [those of] 7.5s." Mr. Descloux's e-mail address is paul.descloux@cor.dowjones.com.
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