Weekly Mortgage Applications Rise 1.5%, Just Before The Big Rate Drop
A mixed week for mortgage rates caused a split in application volume between refinances And purchase loans.
Mortgage applications to purchase a home increased 6% for the week and were 10% higher Annually. Applications to refinance a home loan fell 1% for the week but were still 152% higher Than a year ago. Refinance volume will likely increase this week, as rates on Monday fell to The lowest level in eight years are likely to continue to fall because of coronavirus fears.
“Purchase volume remained strong, supported both by low rates and the increased pace of Construction over the past few months,” said Fratantoni. “With housing supply at low levels, New inventory is a positive development for prospective homebuyers.”
See Today's Rates www.loanontime.com