The refinancing of U.S. homes is accelerating, pushing the overall number of mortgage applications up 21%, the Mortgage Bankers Association said. The group's mortgage index rose from 513 two weeks ago to 620.7 for the week that ended Friday. During the same period, the organization's indicator for refinancing rose 26%. Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ, said home buyers might be rushing to lock in low interest rates.
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