Title Searches Up Again

The AFS Title Search Index rose 3.9% to 219.4 for the week ended June 12 from 211.2 for the week ended June 5, according to Advance Factor Service.The index averaged 207.4 over the previous four weeks, up 2.5 points from the prior week's four-week moving average. A year ago, the index stood at 154.7, 70.5% of the current level. "Title search activity is again on the rise as mortgage rates approach their January 1998 lows," said AFS manager Paul Descloux. "The full effect of this past week's drop in mortgage rates is still to be felt in aggregate title search applications." The index may return to its early 1998 highs if rates continue tumbling, and the current index level "implies that 1998's elevated prepayment speeds will continue well into the summer," Mr. Descloux said. [AMIEE: HERE'S WHERE THE URL LINK TO THE AFS TITLE SEARCH INDEX CHART SHOULD BE INSERTED. SHOULD SAY SOMETHING LIKE "Click here to see chart"