Mortgage applications jumped by one-third on a seasonally adjusted basis in the Mortgage Bankers Association survey for the week ended Sept. 12. The overall increase in applications was driven by an 88% surge in refinances. The average 30-year fixed-rate mortgage tumbled 15 basis points in Freddie Mac's survey of thrifts, commercial banks and mortgage lending companies for the week ended Sept. 18. The 15-year fixed-rate average fell to its lowest level since March 27. The 1-year Treasury yield fell 56 BPS over the most recent seven-day period.
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Welcome to Mortgage-Lending-News.Com. The United States Mortgage Industry is at a crossroads. Hundreds of billions in loans and real estate valuations have been lost due to the sub-prime mortgage crisis. Even worse, billions more are at risk during the first half of 2008, as even more adjustable rate mortgages reset their rates. Hardly a day goes by that we don't hear of a foreclosure crisis in the news. Quite simply, there is too much news for us to keep up with, so we built this Mortgage site, initially as a means for us to internally follow what is going on in the mortgage industry. Now, we are sharing it with you.
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