Mortgage applications soar as refinances surge on a big rate drop — CNBC

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 surge as rates drop.. Mortgage applications soar as refinances surge on a big rate drop. Wed, Jun 12th 2019. Mortgage refinances surge 8%, as rates fall to the lowest.

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CNBC. Mortgage applications soar as refinances surge on a big rate drop.. Thanks to a huge jump in refinance volume, driven by falling rates, total mortgage application volume increased an impressive 26.8% on an adjusted basis. amp video_youtube Jun 12.

Mortgage applications soar as refinances surge on a big rate. – 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%.

Total mortgage applications rose 4.7 percent last week from the previous week, CNBC reported. The increase in the Mortgage Bankers Association’s seasonally adjusted report was largely due to a 9 percent weekly jump in applications to refinance.. Lenders suddenly have a strong sales pitch, now that rates are significantly lower than they were a year ago, CNBC reported.

Homeowners also saw big gains in home equity last year and may be taking advantage of that in cash-out refinances," CNBC explained. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $453,100 or less was basically unchanged during the week, increasing just 1 basis point to 4.23 percent.

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.

Mortgage applications soar as refinances surge on a big rate drop; Business. 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.