Weekly mortgage refinance applications jump 15%, as interest rates plunge
Refinance applications, which are most sensitive to weekly rate moves, jumped 15% for the week and were 183% higher than a year ago. Demand hit the highest level since June 2013.
Refinance demand pushed mortgage application volume up 5% for the week to the highest level since 2013, according to the Mortgage Bankers Association's seasonally adjusted index. Purchase demand, however, dropped. "The 10-year Treasury yield fell around 20 basis points over the course of last week, driven mainly by growing concerns over a likely slowdown in Chinese economic growth from the spread of the coronavirus. This drove mortgage rates lower, with the 30-year fixed rate decreasing for the fifth time in six weeks," said Joel Kan, MBA's associate vice president of economic and industry forecasting.
Mortgage applications to purchase a home decreased 10% from one week earlier, but were 11% higher annually. Today's buyers are facing a tight and increasingly pricey housing market. The supply of homes for sale fell to a record low at the end of last year, and price gains, which had been easing a bit, have reaccelerated again.
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