Refinance Demand Falls 31% Year Over Year, Fueled by Rising Mortgage Rates

·3 min read
Refinance Demand Falls 31% Year Over Year, Fueled by Rising Mortgage Rates

Refinancing a mortgage is a great way to make your home cost less. If you qualify for a lower interest rate on a mortgage today than you did when you first signed your loan, you can swap your current mortgage for a new one and shrink your monthly payments. Last year, many homeowners rushed to refinance when mortgage rates dropped to record lows.

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