🧵 1. Mortgage refinance applications surge 35% in one week with lowest interest rates in over a year, driving record activity, reports Mortgage Bankers Association. #finance
🧵 1. Mortgage refinance applications surge 35% in one week with lowest interest rates in over a year, driving record activity, reports Mortgage Bankers Association. #finance
🧵 2. Average interest rate for 30-year fixed mortgages dips slightly, sparking a rush to refinance homes as rates drop 33 basis points in a month.
🧵 3. Refinance index hits strongest week since May 2022; conventional, FHA, and VA applications on the rise, says MBA economist Joel Kan.
🧵 4. Home purchase mortgage applications only up 3% amid high prices and low supply, with some buyers waiting for further rate drops.
🧵 5. Refinance share of mortgage activity increases to 48.6%, signaling heightened interest in current market conditions as CPI report looms.
🧵 Read more at: https://www.cnbc.com/2024/08/14/mortgage-refinancing-surges-35percent-in-one-week-as-interest-rates-hit-lowest-level-in-over-a-year.html