While mortgage rates have been at record lows, they aren’t doing much to boost home sales. Instead, refinance activity is exploding.

Refinancing jumped 17% in the week ended Aug. 13, according to the Mortgage Bankers Association’s index. It hit the highest level since May 2009.

But home purchases fell 3.4%. Home sales are going to suffer as long as the unemployment rate hovers at 10%, experts say.

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