Zillow Mortgage Marketplace, an online lead generation site, says consumer requests for refinancing their loans rose 39% in the first half of October compared to the same period in September. Zillow says the catalyst for the searches was mortgage rates dropping below the 5% level during that time frame. "When rates drop to record lows we see homeowners move quickly to take advantage," said Stan Humphries, Zillow's chief economist. "But, as the Federal Reserve ramps down its purchase of mortgage-backed securities, I expect rates will rise somewhat by the end of the first quarter of 2010."
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