Lower rates spur refi demand

Refinance applications surge 17.7%

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Lower rates sent applications to refinance mortgages shooting up 17.7 percent the week ending July 10, but requests for purchase loans were down 9.4 percent, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.

Requests for refis accounted for 54.9 percent of all mortgage applications, up from 48.4 percent the previous week.