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Mortgage Applications Soar As Refinances Surge On A Big Rate Drop

"Refinances, which are most rate-sensitive, led the surge, jumping a remarkable 47% week to week and 97% annually." In addition, mortgage applications "finally jumped 10% weekly and annually." While this is a bit of reassuring news for the housing market, it’s a little early to break out the champagne bottles.

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 · The biggest one-week rate drop in a decade unleashed a run on refinances last week, although it did not especially spur spring buyers. Mortgage application volume surged 18.6 percent from the previous week and 28 percent from a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.

Weekly Mortgage Applications Soar Nearly 27 On A Big Rate Drop and related news – Financial New Index – Latest Business-Market news from around the web at one place. Home;. Mortgage applications soar as refinances surge on a big rate drop.

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 · Mortgage applications soar as refinances surge on big rate drop consumers saw an opportunity last week and took it – in a big way. Mortgage rates dropped to their lowest level in nearly two years, so total mortgage applications surged 26.8% in just one week, according to the Mortgage Bankers Association’s seasonally adjusted index.

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 · Mortgage applications soar as refinances surge on a big rate drop Mortgage rates dropped to their lowest level in nearly two years, so total mortgage applications surged 26.8% in just one week, according to the Mortgage Bankers Association’s seasonally adjusted index.

MBA Report: Refinances Surge After Rates Dropped October 2, 2017 By Chris Hamler A surge in refinancescaused mortgage applications volume to slightly tick up in the previous week, thanks to a drop in interest rates driven by significant market-pressuring events.

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