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Local News - Local - December 19, 2008
Plunging loan rates ignite activity
Mortgage requests, refinancings soar after Fed's action

By Richard Ripley
Of the Journal of Business

Troy Sims, of Golf Savings Bank's Spokane office, says applications for mortgages and refinancings have shot up recently.
Troy Sims, of Golf Savings Bank's Spokane office, says applications for mortgages and refinancings have shot up recently.
—Staff photo by Mike McLean
Plunging home mortagage rates have sparked a flood of refinancings, a rise in mortgage applications from people who are seeking to buy homes, and hopes that the whirlwind of activity might provide a boost for the Spokane-area economy.

Applications for mortgages jumped 25 percent in the week ended Dec. 10 at Golf Savings Bank, a Sterling Financial Corp. mortgage subsidiary, says Troy Sims, Golf's home-loan branch manager here. Applications for refinancings "are so high we can't eve...


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