Mortgage Refinancings at 3-Year High, Fueled by Low Rates
- Home-loan rates reach lowest level since November 2016
- Refinancing applications have risen for four straight weeks
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Lenders are being flooded with applications to refinance mortgages at a pace not seen since 2016, as U.S. homeowners rush to take advantage of a recent drop in rates.
The Mortgage Bankers Association, a trade group, said its gauge of applications for refinancing home loans rose 0.4% last week from the week before, reaching its highest level since July 2016. It was the fourth straight increase.