Mortgage re-fi applications soar 15%

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Homeowners rushed to take advantage of the sharp drop in interest rates last week.
Refinance applications, which are most sensitive to weekly rate moves, jumped 15%.
That pushed overall mortgage application volume up five percent.
Today's buyers are facing a tight and increasingly pricey housing market.
The supply of homes for sale fell to a record low at the end of last year, and price gains, which had eased a bit, have accelerated again.
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