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Low Rates Push Refinance Apps Up

Mortgage News > Low Rates Push Refinance Apps Up
Date: 03/04/2020    Low Rates Push Refinance Apps Up

As mortgage interest rates continue to fall, more homeowners are rushing to refinance, according to the Mortgage Bankers Association. The number of refinance applications jumped 26% in the latest week and are now up 224% over the previous year. Home purchase requests fell 3% this week, but the surge in refinances pushed total mortgage application volume up 15.1%. At the same time, continued market turmoil from the Corona Virus led rates on 30-year fixed-rate mortgages down to an average of 3.57% from 3.73% the week before.

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