Lower Rates Stimulate Refinancing

Borrowers come out of the woodwork when interest rates drop. That is why the market is in a mad rush to refinance — as a result, refinance volume is now at the highest level in over a year.

Recent increases have jumped 8%, according to the Mortgage Bankers Association. Refinances were entirely behind the gains Borrowers with larger loans tend to be more sensitive to a drop in rates, because they stand to benefit more from refinancing.

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