Refinance Boom Pushes Weekly Mortgage Applications Higher

Refinance volume drove total mortgage application activity 3.8% higher last week, according To the Mortgage Bankers Association. Applications to refinance a home loan jumped 9% for The week and were 146% higher than a year ago. By now, you would think just about Everyone had refinanced their mortgage to today’s historically low interest rates, but Apparently not.

“The 30-year fixed mortgage rate remained under 4% for the fourth straight week, and rates For FHA loans declined close to their lowest level of the year,” said Joel Kan, MBA’s associate Vice president of economic and industry forecasting. “The decrease in FHA rates led to a 27% Jump in refinance applications for those loans, and their share of refinance activity — at 14%— Was the highest since 2016.”