Mortgage refinances surge 8%, as interest rates fall

Mortgage refinances surge 8%, as interest rates fall

Homeowners are taking advantage of lower interest rates, rushing to refinance their mortgages before rates potentially turn higher again.Total mortgage

Mortgage refinance applications surge as interest rates fall February 3, 2018 An increasing number of homeowners appears to be queuing back to their mortgage lenders for refinancing as home loan interest rates now seem to be trending lower, reversing the rate uptick following last year’s U.S. presidential election.

Homeowners are taking advantage of lower interest rates, rushing to refinance their mortgages before rates potentially turn higher again. Total mortgage application volume increased 2.4% last week from the previous week and was up 15% from a year earlier, according to the Mortgage Bankers Association’s seasonally adjusted index.

4 days ago. The benchmark 30-year fixed-rate mortgage fell this week to 3.93. For homeowners who haven't refinanced their mortgage yet, this latest rate decline could. Interest rate declines can help ease affordability woes, but rising.

The unexpected drop in fixed mortgage rates means fewer people are getting adjustable-rate mortgages. At the end of 2018, experts thought rising rates would cause a surge. refinancing into a.

Black Knight, a technology provider for the mortgage industry, estimates that 5.9 million homeowners could cut 0.75% or more from their mortgage interest rate by refinancing.

The jump from a week earlier came from a 66 percent increase in refinances, and a 24 percent gain in purchase applications. And the surge. short-term interest rates. However, those predictions came.

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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. the highest since May.Mortgage applications to.

October refis, closed loans. According to October’s recently released report, refinances accounted for nearly 40 percent of all loans that month – up from just 47 percent one year ago. October saw mortgage rates fall to 4.20 percent – a new low for 2017 (though rates have dropped more since then.) According to Ellie Mae’s CEO and President,

USA – Mortgage rates fell to an all time low since September 2017 last week, which gave rise to mortgage refinancing applications. The mortgage bankers stated on June 12th, Wednesday, that there has been a surge of almost 26.8% in mortgage applications. A 47% increase was witnessed in applications to refinance mortgages.

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