Here's a clip off the news wire.
"UPDATE 1-Low U.S. rates stir up demand for loan refinances
10:13am ET (Reuters)
(new throughout)
By Aleksandrs Rozens
NEW YORK, July 17 (Reuters) - More U.S. homeowners rushed to save on borrowing costs last week by slashing monthly loan payments with a mortgage refinancing as rates hit 30-year lows, an industry trade group reported on Wednesday.
The hectic pace of loan refinancing promises to be a balm for an economy smarting from job losses because refinances allow homeowners to squeeze equity out of their homes and save money that could be spent on goods or services, analysts said.
"The average loan size for refinance applications has gone up, implying growth again in the cash-out refinances. People have equity out there to tap," said Douglas Duncan, chief economist at the Mortgage Bankers Association of America (MBA).
The MBA on Wednesday said its widely watched measure of home loan refinances, the MBA refinance index, rose 4.3 percent to 2,729.5 in the week ended July 12.
That gain came in a week that saw the contract rate for 30-year fixed rate loans drop to 6.31 percent - a record low, based on MBA data.
Last year, 30-year loan rates hit 6.37 percent in the Nov. 9 week. And prior to that, rates hit 6.36 percent in the Oct. 2, 1998, week."