Low rates spur rush to refinance

Refi applications up 30%

Applications for refinance loans jumped nearly 30 percent during the week ending March 13, as interest rates for 30-year fixed-rate loans dipped below 5 percent to tie a record low seen in January.

In its weekly survey of members, the Mortgage Bankers Association said.mortgage applications were up 21.2 percent from a week earlier, driven by a 29.6 percent increase in applications for refinance loans.

Applications for conventional purchase loans were up 2.1 percent, while applications for government-backed purchase loans (largely FHA) were up 0.4 percent.