Title Searches Up 4.3%

The AFS Title Search Index rose 4.3% to 217.7 for the week ended Sept. 4 from 208.9 the previous week, according to Bridge/Telerate Advance Factor Service.The index averaged 210.8 over the previous four weeks, up 1.9 points from the prior week's four-week moving average. A year ago, the index stood at 156.0, 71.6% of the current level. "With residential mortgage rates moving further into sub-7.0% territory, the refinance incentive is progressively becoming more alluring for potential re-mortgagors," said AFS manager Paul Descloux. "The current absolute value and recent trend for the 10-year U.S. Treasury portend the continuation of the 1998 prepayment plateau well into autumn." Mr. Descloux's e-mail address is paul.descloux@cor.dowjones.com.