Fed’s move leads to spike in mortgage refinances

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Interest rates have fallen to record lows, and refinance applications have skyrocketed in the weeks after Federal Reserve Chairman Ben Bernanke announced plans to buy mortgage-backed securities.

October 15, 2012

Interest rates have fallen to record lows, and refinance applications have skyrocketed in the weeks after Federal Reserve Chairman Ben Bernanke announced plans to buy mortgage-backed securities. Borrowers are shortening the term on their mortgages, paying extra to lower their principal, or keeping their balance the same.

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