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Home refinancing in the U.S. slides to its record low in over 17 years

The number of mortgage applications aiming to refinance an already built house in the U.S. dropped to the minimum in 17 and a half years, while 30-year borrowing costs rose to the top marks in more than 7 years, today’s report by the Mortgage Bankers Association said.

The refinancing applications seasonally adjusted dipped 3.7% to 1,018.1 over the week to May 18, the lowest since late 2000.

30-year fixed-rate mortgages with balances of $453,100 or below that, saw interest rates growing to 4.86%, record level since April 2011. They stood at 4.77% on average in the preceding week, according to the Association.

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