Mortgage Applications Soar As Refinances Surge On A Big Rate Drop

(Reuters) – The U.S. housing sector has seen prices, sales and financing applications soar lately as more buyers entered the market for the first time, but those trends were hard to see in big.

The Mortgage Bankers. reporting increases in refinance applications in excess of 50 percent for the week. The big differences in refinance volumes were likely driven by the decisions of some.

 · Mortgage applications surge on refinances as rates hit 21-month low. As mortgage rates fell to the lowest level since September 2017, mortgage applications surged.

 · 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.

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,

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.

Weekly mortgage applications fall as rates rise, volume remains much higher than last year mortgage application volume wasn’t as stellar as it was last week as rates climbed slightly, By admin

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A sharp spike in interest rates following the election of Donald J. Trump last week threw icy cold water on the mortgage market. total mortgage application volume. spurring a commensurate drop in.

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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,