Demand for mortgage refinancing hit a 15-month high in the week ending Aug 13, according to The Mortgage Bankers Association.

The MBA's Refinance Index rose 17.1% from a year earlier, and is now at its highest since May 2009, the MBA said in a statement. The refinance share of total mortgage applications rose to 81.4%, the highest since January 2009.

Demand for refinancing loans helped drive The Market Composite Index up by 13% on a seasonally adjusted basis from a week earlier. The index is a measure of total mortgage loan applications.

The average contract interest rate for 30-year fixed-rate mortgages was 4.6%, up from 4.57% a week earlier.



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w.jerico

Home refinancing is a good option to save our fund over interest costs. By considering the interest rate on our home financial package, we can figure out that applying home refinancing actually reduces our monthly payment, and the total cost of our home.

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July 28 2013 at 5:58 AM Report abuse rate up rate down Reply