Refis Soar on Falling Rates

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Mortgage applications increased 10.3 percent this past week as more homeowners refinanced existing mortgages or took advantage of lower interest rates to buy homes.

The Mortgage Bankers Association said its market composite index -- a measure of loan application volume -- increased 10.3 percent on a seasonally adjusted basis from a week earlier.

On an unadjusted basis, the index grew 9.9 percent from the previous week. Meanwhile, refinancing activity soared with the index that measures refinance loans jumping 12.1 percent from the previous week. The seasonally adjusted purchase index also rose 4.8 percent.

"Treasury rates dropped last week, as renewed turmoil in Europe once again led to a flight to quality, and 30-year mortgage rates dropped to their second lowest level of the year," said Mike Fratantoni, MBA's vice president of research and economics. "Refinance applications jumped more than 12 percent to their highest level in a month and some lenders experienced even larger increases. As has been the case all year, many refinance applicants are opting to de-leverage by choosing 15-year mortgages."

Read the full story at HousingWire.

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