Refinance News

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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Refinances, which are most rate-sensitive, led the surge, jumping a remarkable 47% week to week and 97% annually. That pushed the refinance share of total mortgage application volume to 49.8% from 42.2%. It is nothing short of a refinancing boom, with applications now up 63% in the four weeks as rates have fallen 28 basis points over that time.

The biggest one-week rate drop in a decade unleashed a run on refinances last week. "There was a tremendous surge in overall applications activity, as mortgage rates fell for the fourth week in a.

This week’s decline of 0.44 percentage point was the largest since the week of November 27, 1981, when the average 30-year fixed mortgage rate fell by. have already spurred a surge in applications.

Brightening economic signs are pushing interest rates higher, choking off a surge in home refinancing. That helped to explain why applications to refinance homes, as opposed to buying them, dropped.

mortgage applications soar as refinances surge on a big rate drop Mortgage applications surged 26.8% in just one week. Volume was 41% higher than the same week one year ago.

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Weekly mortgage applications soar nearly 27% on a big rate drop. CNBC – Diana Olick. 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 to refinance a home loan usually get a boost from a drop in interest rates, but that was not the case last week. refinance volume was flat for the week and 36 percent lower compared with.

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