An erratic mortgage rate market has not necessarily been a “farewell to ARMs,” as Zillow reports the share of ARM apps hit a 15-year high point, comprised primarily of those making nearly $75,000 more than the average borrower.
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Refi Apps Tumble 80% YoY
As fixed-rate mortgages crawl to the 6%-mark, mortgage application volume did rise slightly for the third consecutive week, but refinance volume trended in the opposite direction, falling 80% year-over-year.
Read More »Redfin Acquires Bay Equity Home Loans
Under terms of the $137.8 million deal, Redfin will wind down its Redfin Mortgage business, and Bay Equity will continue to operate under its own name with current leadership.
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