The high drama leading up to and following the Federal Reserve’s decision not to raise interest rates had mortgage borrowers and their lenders busy last week. total application volume. Despite.
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· Volume was 11 percent lower than a year ago, when mortgage rates were 42 basis points lower. The drop in mortgage rates over the past two months has given new life to the refinance market.
A slight retreat in rates last week brought some borrowers back to the mortgage market. The total mortgage application volume rose 5.8 percent for last week, compared to the previous week. However, despite the 5.8 percent increase, the volume for mortgage applications still came in 28 percent lower than it was the same week a [.]
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Applications for refinancings increased 9 percent during the week. Refinance applications, however, are still 35 percent lower than the same week a year ago, when interest rates were lower. Kan says mortgage applications likely would have gone even higher last week if it wasn’t for two major hurricanes to strike the U.S. over the past two weeks.
The gains were attributed to a 4% surge in refinance mortgage applications, with the increase in mortgage. which would certainly place a 4.6% rate on the lower side of forecasts for 2018. Looking.
· Mortgage Applications Rise 26.8% as Refinancing Surges on Lower Rates ; US Creates Just 75,000 New Jobs in April, Unemployment Lowest in 49 Years ; American Household Wealth Grows $2.19 Trillion to New Record ; U.S. Trade Deficit Rises Again With China As Exports Worst Since Jan 2016 ; Australian Trade Surplus Near Record Boosted By Iron Ore Exports
Mortgage rates broke. we’d likely be seeing a move in rates. We just didn’t know in which direction, or at what pace. As it happens, we were treated to the best case scenario on both accounts (i.e.
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Mortgage applications surge as rates drop CNBC Television.. Mortgage rates are hitting their lowest level in 2 years.. China reforms loan rates to lower borrowing costs for Chinese companies.