Borrowers rush to get the last of the low mortgage rates, with refinances jumping 18%
Mortgage rates continued to surge higher last week, which brought borrowers out of the woodwork, looking to refinance. While that might seem counterintuitive, given the higher rates, there are still a significant number of borrowers who could benefit from a refinance, and they may have been worried that this was their last chance.
With rates now clearly on the upward trajectory, mortgage applications to refinance a home loan jumped 18% week to week, seasonally adjusted. Volume was still 50% lower than the same week one year ago. The refinance share of mortgage activity increased to 57.3% of total applications from 55.8% the previous week.
With rates now clearly on the upward trajectory, mortgage applications to refinance a home loan jumped 18% week to week, seasonally adjusted. Volume was still 50% lower than the same week one year ago. The refinance share of mortgage activity increased to 57.3% of total applications from 55.8% the previous week.
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