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Refinances Jump to 10-Year High After Rates Tumble

As concerns about the coronavirus health emergency drive down interest rates, homeowners are rushing to refinance their mortgages. So reports CNBC.

Refinance applications rose 79% for the week ending March 6 to their highest level since April 2019, according to the Mortgage Bankers Association.

MBA economist Joel Kan said that the MBA is almost doubling its 2020 refinance originations projection to $1.2 trillion, a 37% increase from last year and the largest refinance volume since 2012.

Read the full article from CNBC.

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