By David Norton
The refinancing boom of January 2009 is already trailing off. And if you're waiting to refinance your mortgage until rates drop even lower, you may want to reconsider.
A rise in mortgage rates last week led to fewer homeowners refinancing their existing mortgages. Refinancing activity last week was down 30% from the previous week, according to the Mortgage Bankers Association. But the trend goes beyond refinancing: The overall volume of mortgage applications was down 25% from the previous week and a whopping 44% from the same week last year.
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