Drop in Refinancings Hurts Title Insurer

First American Corp. posted lower profits and sales for the second quarter, noting that higher interest rates put a damper on mortgage refinancing activity.

The Santa Ana business information company, which operates the nation’s second-largest title insurer, said net income fell 28% to $25 million, or 38 cents a share, from $34.8 million, or 54 cents a share, a year earlier. Sales dipped to $775.9 million from $781.9 million.