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Homeowners rush to refinance

Oct 06, 2016
A drop in mortgage rates last week seduced more home owners looking to lower their monthly payments. Refinancings led a seasonally adjusted 2.9 percent gain in mortgage application volume, which also accounts for home purchases, last week, the Mortgage Bankers Association reported Wednesday. Refinance applications increased 5 percent from the previous week, as the 30-year fixed-rate mortgage dropped to 3.62 percent, the lowest average since July.
 
Meanwhile, applications for home purchases, which are viewed as a leading gauge of future buying activity, dropped just 0.1 percent last week and are down 14 percent from a year ago. The large year-over-year drop is due to mortgage rules that took effect last year, says Michael Fratantoni, MBA's chief economist.
 
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