All articles tagged with #mortgage refinancing
Mortgage refinancing demand increased by 23%, driven by homeowners seeking savings despite riskier loans like ARMs making a comeback, with overall application volume rising and refinance share reaching 46.5%, while mortgage rates remain relatively stable amid mixed inflation data.
Mortgage refinancing surged nearly 20% as mortgage rates dropped to the lowest level since July. The overall market composite index, a measure of mortgage application volume, rose 7.4% in the latest week, with a notable increase in FHA and VA refinance applications. Home-buying and refinancing activity increased due to lower rates, but economists expect rates to continue falling, potentially stimulating home-buying. However, with most homeowners already having low rates, it may take time for sales activity to pick up. The Federal Reserve's pivot to cutting rates next year is supported by a slowing economy.
Mortgage refinancing activity increased by 14% last week as mortgage rates dropped, potentially signaling a reversal of the post-pandemic slump. Refinancing had boomed during the pandemic when interest rates hit record lows but declined when rates rose. The recent drop in mortgage rates has convinced some homeowners to refinance their loans, with the index measuring refinance activity reaching its highest point since early October. While the overall level of refinance applications is still low, this increase may indicate that 2023 was the low point in the refinance cycle.
US residential mortgage refinancing activity rose to a six-month high last week, driven by a third straight weekly drop in borrowing costs. The Mortgage Bankers Association's weekly index of overall home loan application volumes climbed 2.9% to notch a fourth week of gains, the longest up-streak in four years. The increase was led by a 4.8% rise in applications to refinance an existing loan, which brought that activity to its highest level since last September and furthered the distance from a two-decade low hit at the end of last year.