Homeowners Rush To Take Advantage Of Lower Rates
Refinance applications rose a whopping 79% last week and were 479% higher than a year ago.
Mortgage applications to purchase a home increased a much milder 6% for the week and were 12% higher annually.
Mortgage rates have come off their record lows and took a sizable move higher on Tuesday, as news of potential government stimulus to combat the financial effects of COVID-19 circulated.
Other reads on mortgage rates, like Freddie Mac’s weekly index, had the average rate hitting a record low.