Mortgage Applications Jump as Borrowers Rush to Refinance #homeownership #realestate #finances

Source:  CNBC

Perhaps homeowners were scared by the recent jump in interest rates or by the expectation of higher rates ahead, but something sparked a jump in people applying for a mortgage refinance last week.

Total application volume rose 6.3 percent for the week from the previous week.  The Mortgage Bankers Association's seasonally adjusted index shows volume remains 31 percent lower than a year ago, when interest rates were lower.

Refinance volume had been falling after rates moved slightly higher, but refinance applications increased 13 percent last week, even as mortgage rates remained steady.  With rates at near-historic lows for so long, even tiny rate moves can spook borrowers.

Check out the full story here:
http://www.cnbc.com/2017/07/19/mortgage-applications-jump-as-borrowers-rush-to-refinance-html

---