MBA: Refinancing applications rise

By Gary Linnell

ProWEB Wire (Industry News)

As interest rates hover near historic lows, applications for mortgage refinancing rose to a 15-month high.

In fact, in the week ended Aug. 13, the Mortgage Bankers Association's refinance index grew 17.1 percent -- a figure marking the highest level since May 15, 2009.

According to the MBA, this comes as a result of the 30-year mortgage averaging at a rate of about 4.5 percent -- a figure compared to 5.2 percent the year previous.