![]() ![]() But rates have ticked up recently, curtailing the number of people who could lower their rates or shave time off their mortgages by refinancing. “That pretty much has ended."Ī still-hot housing market means many buyers need financing to close on new homes. “Last year and the first half of this year, we were flat out with refis, and the phones wouldn’t stop ringing," said Michael Menatian, owner of Sanborn Mortgage Corp. ![]() ![]() That is the highest share since before the pandemic depressed interest rates and set off a record flurry of refinancing. Purchase mortgages made up almost half of the loans that were packaged into government-backed securities and sold to investors in the third quarter, according to Inside Mortgage Finance, an industry research group.
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