Mortgage Applications Soar As Refinances Surge On A Big Rate Drop

Mortgage applications surge as rates continue to 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.

Refinance applications were behind much of the surge, rising 11 percent from the previous week, seasonally adjusted. The results include an adjustment for the Martin Luther King Jr. holiday. Borrowers.

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.

A sharp surge in interest rates caused mortgage refinances to plummet two weeks ago, but they are now finding their footing again. Applications to refinance rose 5 percent last week after falling 9.

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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Mortgage applications to purchase a home increased 3 percent and were 10 percent higher than a year ago. The biggest one-week rate drop in a decade unleashed a run on refinances last week. "There.

The days of ultra-cheap loan rates may be on the wane as the decline in mortgage applications this week clearly underlines. The mortgage application index, as compiled by the Mortgage Bankers.

Mortgage applications to refinance a home loan, which are highly sensitive to rates, continued to drop, down 3 percent for the week, seasonally adjusted. Refinance volume is still about 9 percent.

NEW YORK (CNNMoney.com) — Mortgage applications fell last week, edging down after a surge in the week prior when. two week’s record numbers. The recent rate drop was a huge incentive for consumers.

"Mortgage rates decreased last week, which led to the highest volume of refinance applications since mid-June," said MBA chief economist Mike Fratantoni. "The slight drop in rates likely reflected.

Borrowers looking to refinance before interest rates go up drove mortgage volume higher last week. mortgage applications increased 7.3 percent. and an 18-point drop from a year ago. Lenders are.

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