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Mortgage Demand Rises as Homeowners Hustle to Refinance

Borrowers have hurried to take advantage after two straight weeks of declining mortgage rates. So reports CNBC.

arrows 311332 640 smallAccording to the Mortgage Bankers Association's seasonally adjusted index, total mortgage application volume increased 5.5% in the week ending November 5, led by a 7% rise in refinance activity.

Refinance applications were still down 28% from the same time a year ago, and MBA economist Joel Kan said in a statement, “Although overall activity remains close to January 2020 lows, homeowners acted on the decrease in rates.”

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