A Big Bang For Borrowers

Refi madness is sweeping America. From Boston to San Francisco to Washington, corporations, homeowners, and governments are rushing to refinance debt, borrow new money, and cash in on the bonanza created by a four-month plunge in interest rates. Coming all at once, the flurry of activity is great news for an economy struggling to surge ahead. Indeed, lower rates are likely to boost growth faster than President Clinton's $31 billion stimulus plan ever could.

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