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The continued fall in mortgage rates pushed many homeowners off the sidelines and into the refinancing market. The Mortgage Bankers Association of America reported that its applications. a drop of.
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Mortgage applications soar as refinances surge on a big rate dropSource: CNBC Real Estate NewsPublished on 2019-06-12
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. Volume was 41% higher than a year ago.
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.
Mortgage Applications Surge On Refinances As As Rates hit 21 month Low and related news – Financial New Index – Latest Business-Market news from around the web at one place. Mortgage applications surge as rates drop.. Mortgage applications soar as refinances surge on a big rate drop.
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