Refinance Demand Jumps 20% as Rates Creep Up

Refinance borrowers rushed to the mortgage table this week, pushing applications 20% higher than the previous week and 93% above year-ago levels, according to the Mortgage Bankers Association. Record-low interest rates inched up this week to 2.88% from 2.86% for a 30-year fixed-rate mortgage, scaring homeowners into action before rates rise any higher. Applications for home purchase loans also rose, climbing 8% for the week and 10% on an annual basis.