Refinancings rebound as mortgage rates drop

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An increasing number of U.S. homeowners are refinancing as mortgage rates dip for a second consecutive week.

Applications to refinance a home increased 20% compared to a week earlier, according to the Mortgage Bankers Association’s seasonally adjusted weekly index, which accounted for the July 4 holiday. 

The number of mortgage applications increased about 16% compared to a week ago, according to data from the MBA.

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“Overall applications climbed last week, driven heavily by increased refinancing as rates dipped again,” said Joel Kan, MBA associate vice president of economic and industry forecasting “Treasury yields have trended lower over the past month as investors remained concerned about the COVID-19 variant and slowing economic growth.” 

However, “there may have been a delayed spillover of applications from the previous week, when rates also decreased but…

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