NEW YORK (Reuters) – U.S. mortgage applications leaped last week as rock-bottom interest rates lifted demand for home refinancing to its highest level in 15 months, a development that could portend stronger economic growth.
Home loan refinancing puts extra cash into consumers' hands that can be used to pay off existing debt or funnel money into the economy through extra spending.
By lowering a monthly mortgage payment it may also help some homeowners avoid default and foreclosure if their credit is good enough.
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