Mortgage Applications Soar As Refinances Surge On A Big Rate Drop

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Mortgage rates were unchanged to slightly higher today–a claim that utterly boggles the mind of anyone who thought they understood the relationship between bond markets and the mortgage world. ALMOST.

Mortgage rates. a surge up to the highest levels in more than 7 years. upward pressure can continue as long as economic growth and inflation continue running near long-term highs. Stay defensive (i.

Mortgage applications soar as refinances surge on a big rate drop; Business. 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.

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A few weeks ago, it looked like interest rates were on their way down again, but that was short-lived. So was the surge in mortgage application volume that. The MBA is now forecasting a 28% drop in.

with most rates remaining at seven-year highs.” The refinance share of mortgage activity rose to 39.8% of all applications, up from 38.1% the previous week. The adjustable-rate mortgage (ARM) share of.

US homeowners are rushing to refinance their mortgages, taking advantage of a drop in borrowing costs. The rise in mortgage applications comes as the average interest on a 30-year fixed rate.

Mortgage applications soar as refinances surge on a 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.

Mortgage rates continued to. which is a measure of mortgage loan application volume, slid by 9.8% over 2-weeks ending 27 th December, following on from a 5.8% week-on-week slide in the week ending.

On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose 45% over the previous week. The Refinance Index rose. to be more responsive to a given drop.

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The refinance share of mortgage activity rose to its highest level since February 2018 at 43.5% of total applications, up from 41.5% the previous week. The adjustable-rate mortgage (ARM) share of.

Added Kan, “Purchase applications also benefited from these lower rates, with activity increasing 1.9% last week and 12% from a year ago.” The refinance share of mortgage activity increased to 61.4%.