Mortgage applications soar as refinances surge on a big rate drop – Fasti News

Federal Reserve explains why they cut rates NEW YORK (CNNMoney.com) — Near record low mortgage rates sent mortgage applications shooting higher last week, especially for refinances. point drop to what was then the lowest level in the.

 · 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 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.

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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A drop in interest rates drove homeowners. Fratantoni said a 15 percent increase in government refinance applications helped boost refinance applications. VA refinances jumped 17 percent last week.

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Refinance News Mortgage applications soar as refinances surge on a big rate drop Contents Big rate drop. Share. 0 comments. consumers Rate drop. consumers mortgage rates Dave ramsey money Total mortgage application volume fell 4.3% last week compared with the previous week, according to the Mortgage bankers association. read more.

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

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"There was a tremendous surge in overall applications activity, as mortgage rates fell for. weekly mortgage applications soar nearly 27% on a big rate drop.With Indeed, you can search millions of jobs online to find the next step in your career.