Refinancings of existing mortgages accounted for 77% of all loans funded in the first quarter, the highest reading since National Mortgage News began tracking such figures in the late 1990s.

The last time the refi rate was close to being this high came in the first quarter of 2003 with refis accounting for 76.7% of all fundings. (In that year mortgage bankers funded a record $3.9 trillion in home loans.)

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