Refinance lending has nearly doubled over the past three quarters, according to Black Knight. Cash-out refinances were up 24% since the last quarter of 2018 and made up 52% of all refinances. Homeowners withdrew a collective $36 billion in home equity, the highest amount in nearly 12 years.
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Market News
8:17 AM ET
Mortgage Bonds open near unchanged ahead of the expected 2 million Weekly Initial Jobless Claims. 10-yr yield .68%. Stock futures higher on the growing optimism surrounding reopening, global stimulus. WTI oil at $32.80/barrel, unchanged.
9:33 AM ET
U.S. stocks open mixed with the Dow and S&P showing meager gains, NASDAQ lower.
10:13 PM ET
Freddie Mac reports that the 30-yr fixed-rate mortgage fell to 3.15% with 0.8 points/fees, it is the lowest rate in the 50-year survey history.
