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
8:27 AM ET
MBA: Market Composite Index -3.9%, Purchase Index +5.3%, Refinance Index -8.6%. 30-yr fixed-rate mortgage -5bp to 3.37%, an all-time low, with 0.33 points.
9:31 AM ET
As expected, U.S. stocks open higher ... Dow +230 points.
10:04 AM ET
The May ISM Index 45.4, up from 41.8 in April as economic data continues to surprise to the upside. Mortgage Bonds, Treasury prices inch lower. 10-yr yield rises to .74%.
11:18 AM ET
Mortgage Bonds fall to session lows. Alert to lock!
1:19 PM ET
At midday, Mortgage Bonds lower, Treasury prices plunging. 10-yr yield .76%. Stocks holding big gains led by higher shares of Boeing, economic recovery hopes.
