REAL ESTATE

Times Staff and Wire Reports

Lower Rates Spark Refinancings: With mortgage rates as low as 7.5%, people who took out home loans last year at 9% or so are rushing to refinance, according to the Mortgage Bankers Assn. Others who took out one-year, adjustable-rate mortgages in last year's unpredictable interest rate environment are also feeling pangs of regret. They also want to lock in fixed 7.5% rates, said David Lereah, the association's chief economist. Refinancings jumped 30% nationwide in the week ended June 9, Lereah said, the largest weekly rise this year.

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