U.S. mortgage refinancing decrease to nine-year low as rates rise

As interest rates rise, U.S. homeowners are losing their incentive to refinance.

Applications to refinance a home loan fell 4.5% last week, according to data released Wednesday, March 21, from the Mortgage Bankers Association.

That sent the refinancing share of total mortgage activity to 38.5%, the lowest since September 2008.

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