Homeowners Aiming to Refinance Hit Mortgage Rut

Mortgage applications have risen for the second straight week, with borrowers getting out of adjustable rate loans in a bid to escape some of the volatility roiling the financial markets.

One leading banker said borrowers want fixed-rate mortgages, and he said lenders are moving away from making new adjustable rate loans (ARMs) because they are harder to sell.

Despite the new activity, the troubles in the mortgage industry are creating difficulties for homeowners seeking to refinance.

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