U.S. Mortgage Refinancing Drops to Nine-Year Low as Rates Rise
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As interest rates rise, U.S. homeowners are losing their incentive to refinance.
Applications to refinance a home loan fell 4.5 percent last week, according to data released Wednesday from the Mortgage Bankers Association. That sent the refinancing share of total mortgage activity to 38.5 percent, the lowest since September 2008.