A rush of mortgage refinancings is reviving the St. Louis mortgage business, which was flat on its back just two months ago.

Rates on a 30-year mortgage averaged 4.96 percent last week, according to the national mortgage giant Freddie Mac. That was the lowest in the 38-year history of the company's survey.

Low rates are sending home­owners running to refinance. The Mortgage Bankers Association's national index of refinancing applications has risen sevenfold in the last two months.

To read the entire article, please visit: http://www.stltoday.com/stltoday/business/stories.nsf/0/F6C317958DA8703E8625754100136FD1?OpenDocument