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JPMorgan Chase & Co.

Average interest rates above 4% choke off mortgage refinancing boom

Homeowners who didn't refinance their mortgages when interest rates were below 4% may be out of luck for quite a while. Banks had been processing big batches of refis earlier this year when the average rate fell below 3.6%. But they'll be writing fewer home loans now as rates above 4% choke off the refi business. Quarterly results from the nation's four major banks last week showed that refis are slowing markedly, pressing banks to focus more on borrowers who want to buy homes, a lukewarm market. "The refinance opportunity seems to have come and gone," said John Shrewsberry, chief financial officer at No. 1 mortgage lender Wells Fargo & Co. Since the...

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