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Article: Capturing Refis Could Get Harder.(Mortgages)
- Article from:
- American Banker
- Article date:
- June 3, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Kate Berry
A recent spike in home mortgage rates threatens to quell the refinancing boom that helped lift bank profits last quarter.
Some lenders said the nearly half-point jump in rates in the past week could be temporary and that, even at current levels, many homeowners would come out ahead by refinancing.
But if rates rise, volume is likely to drop. And if they hold steady, lenders will at the very least have to do more active marketing to win business rather than sit back and wait for the phones to ring, industry executives said.
"There are still millions of eligible borrowers," said Scott Stern, the chief executive officer ...