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The Housing market might be cooling off, but homeowners are looking to get better deals on monthly payments. Refinancing applications were up 6% last week. Mortgage rates have fallen to their lowest levels since September but are still more than double than this time last year. The Mortgage Bankers Association's chief economist points out the significant difference in mortgage rates from around 3% at the beginning of 2022 to about 6.3% now. It's a wide range and many are uncertain about refinancing in the current economic climate.
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