Mortgage applications rose 25.5% week-over-week – the 2nd largest surge since 2009 – to the highest level (for this time of year) since 2012. Both refis and purchases soared, and exuberance immediatoley extrapolated this surge as ‘proving’ the housing recovery is healthy. However, as MBA admits, "many applications were filed prior to the TILA-RESPA regulatory change," strongly suggesting this.
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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Getty ImagesConsumers 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.
· Starting in 2009, banks began to benefit from a surge in mortgage refinancing, thanks to rock-bottom interest rates and federal programs to help struggling borrowers. That activity has been trailing off as rates have started to rise and many borrowers who sought lower rates.
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· Mortgage applications soar as refinances surge on a big rate drop 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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5/1 adjustable rate mortgage rate decreased to 3.51% compared to 3.52% last week. The 15 year rock bottom rate touched in last 10 years is 2.79%. Rates are still low. Purchase or Refinance before rates move up further. Mortgage applications increased by 26.8% for the week ended June 12, 2019. Mortgage apps generally move in the inverse direction of rates. Rate are still low.
U.S. mortgage activity picks up as loan rates tumble: MBA · Interest rates on conforming 30-year mortgages, with loan balances of $484,350 or less, averaged 4.46% last week, marking a one-month peak and edging up from 4.44% a week earlier, MBA.
Mortgage and real estate news including mortgage rates, processing, and refinancing. Mortgage and real estate news including mortgage rates, processing, and refinancing.
Should You Choose a Fixed or Variable? Should You Choose a Fixed or Variable? tip: common indexes. The most common indexes to which the interest on adjustable-rate mortgages is pegged are the 1-Year Constant maturity treasury index, the Cost of Funds Index (COFI), and the London Interbank Offered Rate Index (Libor).