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Low Rates Lead To Highest Level of Refinancing Since 2009

by Shilpi Paul

Low Rates Lead To Highest Level of Refinancing Since 2009: Figure 1

Mortgage applications for homeowners refinancing have reached their highest level in three years, reported Housing Wire and The Wall Street Journal this morning.

According to the Mortgage Bankers Association Weekly Mortgage Applications Survey, the refinance index grew 0.8 percent week-over-week, reaching levels not seen since April 17, 2009. Overall, mortgage applications are up 0.2 percent.

As we reported last week, the average on a 30-year fixed mortgage hit an all-time low of 3.49 percent. While this seems to have led to a burst of refinancing action, the home purchase index actually fell 2 percent and analysts saw the report as a “sign of general malaise in the mortgage lending market.”

From the Wall Street Journal:

While low rates have convinced many homeowners to refinance their mortgages, tougher lending requirements still keep many prospective home buyers from taking out new debt.

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