As rates dropped below 5 percent over the first two months of the year mortgage refinance volume increased and purchase volume remained unchanged. In its market composite index, a measure of mortgage loan application volume, the Mortgage Banker’s Association (MBA) reported refinance volume increasing 1.8 percent over the previous month and purchase loan volume decreasing 2.7 percent over the same period.

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If you’re old enough to know anyone from the depression era, you may have noticed that, as a group, they generally prefer saving money to spending it. Of course, they grew up in a time of great distrust for banks and believed the only safe place for their money... Read more