Mortgage refinances hit 11-year high as coronavirus fears send rates tumbling

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Homeowners are capitalizing on historically low mortgage rates in droves.

The number of refinance applications spiked 79% in the first week of March to the highest level since April 2009, according to the Mortgage Bankers Association. The jump was also the largest week-over-week increase since November 2008.

The volume was nearly six times higher versus the same week a year ago, and the strong activity in the last weeks prompted the MBA to revise their 2020 estimates for total refinances 37% higher.

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The rate on the 30-year fixed mortgage hit an all-time low of 3.29%, according to Freddie Mac. (Graphic credit: Freddie Mac)

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SAN FRANCISCO, CALIFORNIA: Real estate agents leave a home for sale during a broker open house on April 16, 2019 in San Francisco, California. (Photo: Justin Sullivan/Getty Images)
SAN FRANCISCO, CALIFORNIA: Real estate agents leave a home for sale during a broker open house on April 16, 2019 in San Francisco, California. (Photo: Justin Sullivan/Getty Images)

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