//Refinance applications spike 20% as homeowners rush to get low rates

Refinance applications spike 20% as homeowners rush to get low rates

In the past 12 months, mortgage rates fell to new record lows more than 15 times. But with an expectation that rates may soon begin ticking up, homeowners are racing to refinance.Refinance applications rose 20% for the week ending Jan. 8 compared to the prior week, according to the Mortgage Bankers Association’s seasonally adjusted index. That’s 93% higher than a year ago and the highest