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Refi Apps Jump Despite Flat Mortgage Rates

Mortgage News > Refi Apps Jump Despite Flat Mortgage Rates
Date: 12/11/2019    Refi Apps Jump Despite Flat Mortgage Rates

Applications for refinance loans jumped 9% this week, according to the Mortgage Bankers Association, even though mortgage interest rates were unchanged. Total mortgage application volume was up just 3.8%, as the increase in refinance requests was offset by a 0.4% decrease in home purchase applications. However, total volume was up 63% from a year ago thanks to low rates. This week, the average interest rate on a 30-year fixed-rate conventional mortgage was essentially flat, moving to 3.98% from 3.97% the week before with 0.33 points.

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