Another sharp drop in mortgage rates sent even more homeowners to their lenders, hoping to save money on their monthly payments.
Mortgage application volume jumped 21.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume zoomed 81% from a year ago.
That drove a stunning 37% jump in refinance volume for the week, the highest level since July 2016. Refinance applications were nearly 196% higher than a year ago. Mortgage rates have fallen 15 basis points in just the last two weeks and are down 80 basis points this year, prompting borrowers to take advantage and lower their monthly payments. For most, refinancing only makes financial sense if the rate can be lowered at least 75 basis points. Interest rates were lower in 2012 and part of 2013, and refinance volume was much stronger then. The majority of those who now would benefit from a refinance are more recent homebuyers.
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