Homeowners rush to refinance

A drop in mortgage rates last week seduced more homeowners looking to lower their monthly payments. Refinancings led a seasonally adjusted 2.9-percent gain in mortgage application volume, which also accounts for home purchases, last week, according to the Mortgage Bankers Association. Meanwhile, applications for home purchases, which are viewed as a leading gauge of future buying activity, dropped just 0.1 percent last week and are down 14 percent from a year ago. Click here to learn more.