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Released: August 31, 2010

Time to refinance? Rates hit record lows

Source: Eileen Ambrose, Baltimore Sun

For anyone under the age of 57, mortgage rates are at the lowest point ever in their lifetime. This fact isn’t lost on a growing number of homeowners who have started a new wave of refinancings.

The Mortgage Bankers Association reported this month that refinancing applications are up 26 percent during the past four weeks and account for about 82 percent of all mortgage applications. Not since May 2009 has the number of refinancing applications been higher.

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