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Refinance Applications Jump 8%

Mortgage News > Refinance Applications Jump 8%
Date: 05/23/2019    Refinance Applications Jump 8%

As mortgage interest rates hit their lowest level in 16 months, refinance applications soared 8% as borrowers raced to cash in on savings. According to the Mortgage Bankers Association, that jump in refinance requests pushed overall mortgage applications up 2.4% in the latest week. Home purchase applications fell 2% however. During the same time, the average rate on a 30-year fixed rate mortgage dropped to 4.33%, down from 4.4% the previous week.

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