Market Update: Refinances increase 3.8 percent

The Mortgage Bankers Association’s seasonally adjusted index of mortgage applications increased by 1.6 percent last week, with refinances rising 3.8 percent on seasonally adjusted basis.

Quicken Loans vice president Bill Banfield offers the following comments on the report:

“Last week was a volatile week for interest rates, but it also proved to be a positive one as refinance applications increased. More Americans are realizing that they need to take advantage of the low rates before they start climbing. Even underwater homeowners can still refinance, as millions have yet to take advantage of the HARP program.”

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