Mortgage refi applications rise 224 percent

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Real Estate

Buying a house—or refinancing one—has never been cheaper. Indeed, at 3.29%, U.S. 30-year mortgage rates are at their lowest levels ever recorded. The rate tends to dip in disasters and times of great uncertainty as it takes nods from bond market yields. And at a time when investors are wondering whether coronavirus could slow the economy, they have piled into bonds and dragged down rates including on the 10-year treasury note that now yields 0.8%.

During the week ending Feb. 28, purchase applications were up 10% compared to the same period a year earlier, according to the Mortgage Banker's Association. Meanwhile, applications from homeowners seeking to refinance their mortgages at the historically low rate rose about 224% compared to the year prior.

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