Record-low mortgage rates have more existing homeowners looking for a better rate, and the number of applications to refinance an existing mortgage hit a three-year high last week.
The Mortgage Bankers Association says overall applications rose a modest 0.9 percent, with applications for a mortgage to buy a house failing 3 percent. But refinance applications rose 2 percent to the highest level since April 2009, the Washington-based association says.
This is a syndicated post. Read the original post here.
Source: http://www.cre-news.com/25788/mortgage-refinancing-hits-highest-level-in-three-years
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