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NEW YORK (AP) - Rising interest rates may soon revive the practice of paying points to lower monthly mortgage payments, an option not as readily offered by lenders in recent years.
A weekly survey of lenders by the Mortgage Bankers Association on Wednesday reported a 15 percent drop in demand from a year ago for loans to buy homes and mortgage refinancing.
At the same time, another survey by HSH Associates, which tracks the mortgage industry, found that more lenders are quoting points along with mortgage rates. As recently as this summer, lenders surveyed by HSH were quoting mortgage rates at zero points because there was no need to pay points when mortgage rates were at historic lows.
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