Refinancings, which accounted for more than half of all the home loans last year, are shrinking fast. After three years of easily switching to better terms on their mortgages and frequently taking out cash, consumers can no longer rely so heavily on refinancing to shore up their family budgets and maintain their spending.

The Mortgage Bankers Association said yesterday that refinancing activity fell 17 percent last week to its lowest level since the start of the year, as the standard 30-year mortgage rate has risen to 6.2 percent since flirting with 45-year lows in mid-March. In the intervening weeks, refinancing activity has fallen almost two-thirds.

"What consumers are seeing for the first time is a rapid rise in rates," said Anthony Meola, executive vice president for home loans production at Washington Mutual, a big servicer of home loans.

The sharp appreciation in home prices that consumers have come to rely on for household wealth will probably diminish if rates continue to rise, though the National Association of Realtors estimates that the 30-year rate would have to rise to 8 percent to seriously impede home sales. Rising rates make homes more expensive for consumers and will damp total home sales and home prices.

By THE ASSOCIATED PRESS Published: May 22, 2004

WASHINGTON, May 21 (AP) - Rates on 30- year mortgages were lower this week, breaking an eight-week climb.

Freddie Mac reported on Thursday that rates on benchmark 30-year fixed-rate mortgages fell to 6.30 percent, down from 6.34 percent last week, according to the mortgage giant's nationwide survey of rates.

Rates for 15-year fixed-rate mortgages also fell this week, to 5.67 percent, down from 5.72 percent last week. But rates for one-year adjustable-rate mortgages climbed, to 3.99 percent this week, compared with 3.90 percent last week. The nationwide averages for mortgage rates do not include add-on fees known as points. Thirty-year and 15-year loans each carried an average fee of 0.7 point this week, while one-year adjustable mortgages carried an average fee of 0.6 point.

CARSON CITY, Nev. (AP) - The Nevada Taxpayers Association is opposing a Reno lawmaker's push for Proposition 13-type property tax relief, citing possible legal flaws in a proposed state constitutional amendment.

Carole Vilardo, taxpayer association president, said board members fear the petition being circulated by Assemblywoman Sharron Angle, R-Reno, would end up in the courts.

Vilardo said the association is concerned about rising land values and property tax bills. But none of 36 taxpayer board members who commented was supportive of the ballot initiative before a vote by the 44-member board, she said.

"If we can find a way to provide relief that is consistent and would truly benefit the people and not leave us open to potential ambiguity or misunderstanding as this petition does, we would definitely support that," Vilardo said.

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