Mortgage Applications Spike As Rates Drop
The Mortgage Bankers Association's Weekly Mortgage Application Survey swelled by 8.1 percent in the past week as the 30-year fixed-rate mortgage dipped below 4 percent. Refinancing took up almost three-fifths of the mortgage activity.
Fox Business reports the refinancing index rose 14 percent from the previous week and was 133 percent higher than the same week a year ago. The refinance share of mortgage activity accounted for 58 percent of total applications.
Joel Kan, MBA’s associate vice president of economic and industry forecasting, said, “Although refinance activity slowed in September compared to August, the months together were the strongest since October 2016. The slight changes in rates are still causing large swings in refinance volume, and we expect this sensitivity to persist.”
Click on the image above for more information about mortgage activity.