According to Freddie Mac, we’ve reached the ninth consecutive week of rates at or less than 4%. But regardless of the record low rates, application for mortgages to buy homes and the driving need for refinance mortgages decreased.

Mortgage Bankers Association economist Michael Fratantoni stated,” Remarkably low rates are not enough.” There were many prospective buyers who simply didn’t have the equity in their home, compounded with poor credit, or battling the faulty economy.

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