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Article: The Philadelphia Inquirer Real Estate News Column.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 28, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. 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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By Alan J. Heavens, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Jul. 28--MORTGAGE VOLUME TO RISE: The volume of mortgages for home purchase is expected to reach $989 billion by Dec. 31, the Mortgage Bankers Association of America says. In 2001, the figure reached $873 billion.
However, the total volume of mortgages, which includes refinancings, will decline 16 percent, to $1.7 trillion from $2 trillion, the group said. The association projects that 6.5 million single-family houses will change hands this year, 5 percent more than last year. Continued low fixed mortgage rates, which now hover at 6.4 percent, are encouraging home ...