It almost doesn’t sound like news anymore: Mortgage rates fell to another record low last week, and that reinvigorated refinance demand. Homebuyers, however, took a step back.
Total mortgage application volume rose 5.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Applications to refinance a home loan, which are most sensitive to weekly rate moves, jumped 12% for the week and were 107% higher than a year ago. The refinance share of mortgage activity increased to 64.2% of total applications from 60.1% the previous week. Record low rates caused Fannie Mae to improve its housing outlook for the second half of this year. Read more at CNBC.