Rising home values in metro Phoenix spur refinance boom

Climbing home values are sparking a surge in refinancing across metro Phoenix. With the overall median sale price up nearly 40 percent since January 2012, most homeowners trading in loans for lower rates don’t need help from a federal program to get it done.

Tens of thousands of homeowners, underwater on their loans a year ago or less, now have enough equity to refinance with interest rates below 4 percent. The new mortgage loans can save hundreds of dollars a month, freeing money for other expenses or to pay down debt.

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