As housing market struggles, the rich are refinancing

Here's the story from CNBC.

  Mortgage interest rates bumped decidedly back over 4 percent last week, causing a drop in both mortgage applications to refinance and to purchase a home.
Total application volume fell 6.6 percent from the previous week, on a seasonally adjusted basis, according to the Mortgage Bankers Association (MBA). Refinance applications were off 7 percent week-to-week, after soaring in previous weeks, thanks to lower interest rates.

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