Home refinance applications surge on record low rates

By Jordan Yadoo, Bloomberg
A measure of U.S. home-refinancing applications soared to the highest level since April 2009, a sign that some American homeowners may see a silver lining in the coronavirus outbreak that’s battering the economy and markets.
The Mortgage Bankers Association’s refinance index surged 78.6% in the week ended March 6 to 6,418.9, according to a report Wednesday that also showed the contract rate on a 30-year fixed loan fell to match a record low 3.47%.
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