Mortgage rates went down by one basis point last week, and it seems homeowners took notice.
Refinancing applications last week shot up 9% from the week prior, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey and Refinance Index. This is still a 37% drop from the same week a year ago, however.
"Mortgage rates declined for the first time in a month, prompting a pickup in refinancing, with government refinances increasing more than 20 percent over the week," Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting, said in a statement. "While the 30-year fixed mortgage rate and 15-year fixed mortgage rate both declined only one basis point, the FHA rate fell 7 basis points, driving the surge in government refinances."
MBA's weekly survey covers more than 75% of all residential mortgage applications nationwide.
This article originally published at https://dc.urbanturf.com/articles/blog/slight-mortgage-rate-drop-compelled-uptick-in-refinancing-applications/19034.
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