Mortgage applications surge on refinancing boom

There has been a mini surge in mortgage and refinancing applications spurred by falling mortgage rates. Rates would need to continue falling to keep the current refinance boom going through another.

Mortgage applications surge as rates drop. It is nothing short of a refinancing boom, with applications now up 63% in the four weeks as rates have fallen 28 basis points over that time.

 · Even if home purchase originations are flat year-over-year, total originations will rise due to strong refinance activity. Application data from the Mortgage Bankers Association indicates that refinance applications are up about 24 percent from the second quarter 2016 and nearly 60 percent year-over-year in the third quarter.

The surge has caused a refinance boom. The Mortgage Bankers Association reported that applications to refinance home loans jumped 21 percent for the week ended july 1. Applications were 113.5 percent higher compared to one year ago. A drop in rates for larger, so-called jumbo loans, is leading the refinance run.

Refinances, which are most rate-sensitive, led the surge, jumping a remarkable 47% week to week and 97% annually. That pushed the refinance share of total mortgage application volume to 49.8% from 42.2%. It is nothing short of a refinancing boom, with applications now up 63% in the four weeks as rates have fallen 28 basis points over that time.

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. rates during the week ended August 5 was more than matched by a surge in mortgage activity. Once again it was refinancing that drove most of the across-the board increase in application volume as.

Re-financing applications were higher again this week, although the 8.0 percent gain was more modest than last weeks 30.4 percent surge. Mortgage re-financing reached. volatile and uncertain.

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The great American refinancing boom of 2015 is turning out to be greatly exaggerated. In January, concern mounted among U.S. mortgage-bond holders that homeowner refinancing was about to soar, decreasing the value of their securities. Their worries were short-lived. Last month, premiums fell on bonds backed by loans unlikely to refinance.

Mortgage Rates Surge The Most Since Trump’s Election, Hit New Seven Year High.. higher rates will kill off any lingering possibility of a refinancing boom, which bailed out the mortgage industry in the years right after the 2008 financial crisis.. the pool of homeowners who would qualify.

“Thanks to an unexpectedly large drop in mortgage rates following last week’s FOMC meeting, purchase applications jumped six percent and refinance applications surged over 12 percent. “Rates dropped.

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