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Article: NEW INTEREST IN REFINANCING Mortgage activity jumps Fed action has sent interest rates falling to near-record lows
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- March 20, 2009
- Author:
CopyrightCopyright 2009 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Mortgage lenders saw a spike in refinance applications Thursday
as interest rates moved near record lows in response to the Federal
Reserve's new plan to boost the sagging housing industry and
economy.
Loan applications jumped 75% between Wednesday and Thursday among
lenders that use the Web-based mortgage application technology of
Mequon's Mortgagebot LLC, said Rick Allen, the company's director of
strategy.
"It's cooking. It's got people's attention, and there sure is a
lot of activity out there," said Allen, whose firm's technology is
used by about 800 banks and credit unions nationwide.
The Wednesday announcement by the Fed that it would buy up to
$300 billion of long-term Treasury bonds ...