The volume of mortgage refinancing soared during the week ended april 13 according to data released this morning by the Mortgage Bankers Association (MBA). Its Weekly Mortgage Applications Survey.
Refinances, which are most rate-sensitive, led the surge, jumping a remarkable 47% week to week and 97% annually. That pushed the refinance share of total mortgage application volume to 49.8% from 42.2%. It is nothing short of a refinancing boom, with applications now up 63% in the four weeks as rates have fallen 28 basis points over that time.
· Refinances, which are most rate-sensitive, led the surge, jumping a remarkable 47% week to week and 97% annually. That pushed the refinance share of total mortgage application volume to 49.8% from 42.2%. It is nothing short of a refinancing boom, with applications now up 63% in the four weeks as rates have fallen 28 basis points over that time.
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Refinance mortgage applications rose by 39% last. “There was a tremendous surge in overall applications activity, as mortgage rates fell for the fourth week in a row – with rates for some loan.
On the heels of the 10Y treasury yield breaking out of its recent range to its highest since July 2011, this morning’s mortgage applications data shows directly how Bill Gross may be right that the economy may not be able to handle The Fed’s ongoing actions. As Wolf Richter notes, the 10-year yield functions
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Mortgage applications surge on refinances as rates hit 21-month low USA TODAY. As mortgage rates fell to the lowest level since September 2017, mortgage applications surged 26.8% last week, led by an increase in refinancing.. Mortgage refinance boom goes bust as rates shift higher – CNBC.
ZeroHedge News. Mortgage applications surged an impressive 26.8% WoW – the largest jump since Jan 2015 – led by a massive spike in refis as mortgage rates tumbled alongside the Treasury market. 30Y rates dropped back below 4.00% – the lowest since Jan 2018. Prompting a sudden 46.5% surge in refinancing activity (which we saw also saw in early March) and purchases rose 10.0% (after.
Some think the refinancing boom could end up rivaling the tsunami of refinancings in 2003. The new surge has prompted banks to reassign staff to mortgage processing and work extra hours.