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Falling mortgage rates have spurred a mini refinancing boom, a piece of good news for banks and other lenders that have been grappling with a cooling housing market. Mortgage-application volume jumped.
Plummeting interest rates prompted more homeowners to refinance last week, pushing mortgage applications up 6.9% from a week earlier, an industry trade group said. The Mortgage Bankers.
1 hour ago · Refinancing accounted for roughly half of new mortgages, the highest share in years, according to Mr. Cecala’s estimates. Refinance applications rose 43% in the second quarter from a year earlier, while purchase applications climbed 6.2% during that period, according to the Mortgage Bankers Association.
· U.S. mortgage applications jumped to their highest level in more than 2-1/2 years last week, led by a surge in refinancing activity, as some home borrowing costs tumbled to their cheapest level since September 2017, the Mortgage Bankers Association said on Wednesday.
Mortgage applications surged an impressive 26.8% WoW – the largest jump since Jan 2015 – led by a massive spike in refis as mortgage rates tumbled alongside the treasury market. 30y rates dropped back below 4.00% – the lowest since Jan 2018. Prompting a sudden 46.5% surge in refinancing activity (which we saw also saw in early March) and purchases rose 10.0% (after falling the prior week).
Mortgage applications soar as refinances surge on a big rate drop. 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.
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Total mortgage application volume surged 25.5 percent on a seasonally adjusted basis for the week ending October 2nd compared to the previous week, according to the Mortgage Bankers Association (MBA)..
Mortgage applications surged an impressive 26.8% WoW – the largest jump since Jan 2015 – led by a massive spike in refis as mortgage rates tumbled alongside the Treasury market. 30Y rates dropped back below 4.00% – the lowest since Jan 2018. Prompting a sudden 46.5% surge in refinancing activity (which we saw also saw.
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The low rates have triggered a surge of refinance applications. Some lenders saw increases in refinance applications of more than 50 percent, according to the Mortgage Bankers Association, or MBA..