Banks see new mortgages replace refinances, Fed report says

07/18/2013 | (free registration)

As rising interest rates slow the flurry of refinancing activity, banks are seeing a shift to new mortgages, according to the latest Beige Book report, released Wednesday by the Federal Reserve Board. Additionally, most banks report improvement in all areas. "Contacts expressed continued optimism for future growth and sensed greater consumer confidence," the Fed report said.

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