Applications for mortgages, refinancing spike amid low interest rates

A 15-year fixed-rate mortgage maintains the same interest rate and monthly payment over the 15-year loan period. The 15 year fixed-rate mortgage allows the borrower to pay off the mortgage faster and typically has a low interest rate. But monthly payments are usually higher than with other mortgages.

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The number of mortgage applications finally grew last week, thanks to a surge of refinancing applications that came about as interest rates headed south.. Mortgage applications rise on low.

The refinance share of mortgage activity saw an 11-month high and rose to 45.8% of total applications, up 42.7% from the week before. The adjustable-rate mortgage share of activity was 8.4% of all applications and the average loan size for refinance applications reached a survey high of $339,800.

"Mortgage refinance volume remains far weaker than it was last year, when interest rates were lower, but it did rise 7 percent week to week as rates sank to the lowest level since just after following the presidential election. The size of the average refinance loan also increased, as large-balance borrowers are more rate sensitive.

Homeowners rushed to take advantage of a sizable drop in mortgage interest rates last. We fully expect that refinance.

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(Bloomberg) — The world’s headlong dash to zero or negative interest rates. crisis. Mortgage brokers, too, are rushing to.

Due in large part to mortgage interest rates falling for the fifth consecutive week, mortgage refinance applications spiked in the week that ended Feb. 5, 2016, a new report from the Mortgage.

The Washington-based group said its index on refinancing applications fell 2.9 percent to 1,288.0 in the week ended Jan. 26 as average interest rates on 30-year mortgages rose to their highest level since March.

How low will mortgage rates go? That’s the question on many consumers’ minds as the benchmark 30-year, fixed-rate mortgage fell to 3.81 percent, down 16 basis points from a week ago, according to.

Low interest rates cause spike in refinancing. is up he wants to refinance his mortgage to take advantage of a variable interest rate of 0.56 percent.. that the number of applications for.

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Amid the lowest mortgage rates in almost two years, overall mortgage applications swelled last week by nearly 27 percent according to data released Wednesday.

No-Cost Refinances. Too Good to Be True?  · When talking to lenders about loan options, don’t overlook this. You may see lenders make reference to no-cost refinances. Know that there is no such thing. While you can often get a refinance with little to no closing costs, there’s a drawback. The lender will either charge a higher interest rate or roll the closing costs into the loan amount.

New home purchase numbers may spike amid dip in mortgage rates June 21, 2013 First-time home buyers might make one last dash to secure a low rate mortgage as mortgage rates declined unexpectedly this week.