Zillow reports loan requests surge

Over the past three months, as mortgage rates dropped to their lowest levels in years, consumer interest in refinancing soared according to Zillow.com. More than 70,000 loan requests were submitted from borrowers on Zillow Mortgage Marketplace in the December through February time period, with the average number of daily loan requests up 142 percent in this same period versus November 2008. Refinancing requests accounted for more than 60 percent of all consumer loan requests over this three-month period.