Mortgage applications soar as refinances surge on a big rate drop

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Another drop in mortgage interest rates continued to confound expectations, but current homeowners saw a clear path to savings. Mortgage application volume rose 2.8 percent last week, all thanks to.

contributed to the surge in refinancing activity. In 1998, interest rates on mortgages dropped to their lowest levels. strikingly large relative to the size of the interest rate declines. earn higher fees when refinancing applications rise. Mortgage.

The number of mortgage applications continued to drop. big surprise. Since the end of May, interest rates have soared, sending the demand for home loans concomitantly lower. Given their heightened.

 · The biggest one-week rate drop in a decade unleashed a run on refinances last week, although it did not especially spur spring buyers. Mortgage application volume surged 18.6 percent from the previous week and 28 percent from a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.

 · MBA Report: Refinances Surge After Rates Dropped October 2, 2017 By Chris Hamler A surge in refinancescaused mortgage applications volume to slightly tick up in the previous week, thanks to a drop in interest rates driven by significant market-pressuring events.

Mortgage and real estate news including mortgage rates, processing, and refinancing. Mortgage and real estate news including mortgage rates, processing, and refinancing.

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 soar as refinances surge on a big rate drop 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.

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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.