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Mortgage Applications Surge in Rush to Refinance

Total mortgage application volume climbed 5.3% in the week ended August 2, according to the Mortgage Bankers Association’s data, a 46.5% increase from last year. So reports CNBC.

Much of the volume was from refinances, which leapt 12% for the week and 116% from a year ago.

Mike Fratantoni, MBA senior vice president and chief economist, said the recent slide in mortgage rates “will likely draw many refinance borrowers into the market in the coming weeks.”

Read the full article from CNBC.

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