Mortgage Applications Soar As Refinances Surge On A Big Rate Drop

NEW YORK (Reuters) — U.S. mortgage applications fell last week, reflecting a plunge in demand for home refinancing loans as interest rates surged to their highest. came in well below its year-ago.

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.

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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.

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These are mortgage applications by potential homebuyers to buy a home, rather than mortgage applications by homeowners to refinance an. of falling sales of existing homes vs. surging purchase-mortgage applications. The only fly in the ointment is the massive building of new condos in Boston.

Weekly mortgage applications fall as rates rise, volume remains much higher than last year Mortgage application volume wasn’t as stellar as it was last week as rates climbed slightly, By admin

The rate drop that kicked in immediately after the June 23 Brexit vote in the United Kingdom was reflected, dramatically so, in the volume of mortgage. by a 21 percent surge in the Refinance Index.

Home mortgage applications increased dramatically. Borrowers with larger loans were drawn in most by the drop in rates, as they typically stand to save more on such moves. "The average size of a.

Symantec shares soar on. 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.

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.