Mortgage refinance applications jumped to 9 percent

July 7, 2010 6:12:36 PM PDT
Home buyers and those looking to refinance are moving quickly to take advantage of lower mortgage rates.

Applications to refinance jumped 9 percent and overall applications surged 7 percent last week.

Freddie Mac says the average 30-year-fixed rate is at 4.58 percent -- the lowest level since it began keeping track in 1971.