Refinancings jump

Homeowners rushed to refinance last week as interest rates continued to decline, the Mortgage Bankers Association reported today.

The market composite index, a measure of total home loan application volume, gained 7.3 percent last week, rising to 671.6 on a seasonally adjusted basis from 626.1 one week earlier.

The index that tracks refinancings climbed 15 percent, boosting the refi share of mortgage activity to 46.1 percent from 43.2 percent the previous week. Loan applications to purchase homes were up 1 percent on a seasonally adjusted basis from the end of February.

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