Refinancing Activity Hit Five-Year Low in October
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Refinancing activity in California hit its lowest level in more than five years in October, a victim of rising interest rates, a real estate information service reported.
A total of 11,247 homes were refinanced in the six-county Southern California region in October. That was down 13.8% from 13,053 the month before and down 82.7% from 65,151 for October a year ago, Dataquick Information Systems reported.
October’s total was the lowest since January 1988 when 10,840 homes were refinanced. The number for October last year was the highest on record.
Historically, about 30% of all loans made by lending institutions are home refinances. A year ago it was up to 69.8%; in October it was down to 26.6%.
Refinance Loans
County Oct., 1993 Oct., 1994 Percent Change Los Angeles 27,107 5,811 -78.6 Orange County 13,084 1,685 -87.1 San Diego 11,310 1,750 -84.5 Riverside 4,934 717 -85.5 San Bernardino 5,826 775 -86.7 Ventura 2,890 509 -82.4 So. Calif. 65,151 11,247 -82.7
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