Mortgage applications surge on refinancing boom

triggered a surge in mortgage applications last week, especially for refinancing. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume, jumped.

 · Mortgage interest rates have been falling since May, especially sharply this month, so borrowers, especially millennials, are rushing to refinance. Applications to refinance were

. bankers association reported that mortgage applications increased by 49% last week, the largest weekly gain since November 2008. “Mortgage rates reached their lowest level since May of 2013, and.

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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.

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And the surge could continue. Mortgage finance giant freddie mac. when they started to rise and choked off a refinance boom. The latest drop in rates has led to a boom in applications once again,

 · 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.

Last week, as the 30-year mortgage rate hit 5.85 percent, the lowest in 40 years, the gap widened sharply. If those levels hold, and given the backlog of applications still be to processed, the money.

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. Mortgage applications soar as refinances surge on a big rate drop Consumers saw an opportunity last week and took it – in a big way.

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Mortgage applications surge as rates drop.. Mortgage applications soar as refinances surge on a big rate drop. U.S. stocks climbed on Monday, with the S&P 500 bouncing back from its biggest weekly drop since 2012, as companies including. partners and the 10-year Treasury yield used in figuring mortgage.

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