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Falling Interest Rates

Falling interest rates are spurring a new wave of mortgage refinancing. With the average rate on a 30-year fixed home loan now at less than 4%, there are 7 million homeowners who could cut their current rate by three-quarters of a percentage point. Many are taking notice: Refis are up 28% in the past four weeks. Many of the folks who can gain from refinancing took out their current loans last year. Still, it’s not a repeat of the boom in refinancing that took place in 2013, when refis made up 63% of the mortgage market. This year, the figure will be 26%. The Fed pumped the brakes on refis […]

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