Refinancing pushes mortgage applications 8.2% higher

mortgage applications

Screen Shot 2016-02-17 at 9.57.10 AMBy Diana Olick | CNBC

The more interest rates plunge, the more borrowers come out of the woodwork in a mad rush to refinance — refinance volume is now at the highest level in over a year.

Total mortgage applications jumped 8.2 percent on a seasonally adjusted basis last week from the previous week, according to the Mortgage Bankers Association. Refinances were entirely behind the gains, increasing 16 percent for the week.

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