By 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.