Market Recap – August 16, 2010

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MARKET RECAP Since the beginning of the year, we’ve been saying the housing recovery is predicated on a jobs recovery. And although we’ve been encouraged that we’ve been making progress on the jobs front in recent months, the latest weekly unemployment-insurance claims news leaves us a little concerned – with claims growing to a six-month…

Shorter-term mortgages gain favor for refinancing

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By Stephanie Armour, USA TODAY More homeowners are refinancing into shorter-term loans, saving a bundle by taking advantage of the lowest mortgage rates in decades. Nearly a third of borrowers refinancing fixed 30-year loans in April through June picked loans with 15- or 20-year terms, according to mortgage finance giant Freddie Mac. It was the…