U.S. mortgage applications jumped to their highest level in 2-1/2 years, led by ...
NEW YORK - U.S. mortgage applications jumped to their highest level in 2-1/2 years, led by a surge in refinancing activity, as some home borrowing costs declined to their lowest levels in more than a year, the Mortgage Bankers Association said on Wednesday.
Interest rates on 30-year “conforming” mortgages, or home loans with balances of $484,350 or less, averaged 4.36 percent, the lowest since the week of Jan. 19, 2018. They were 4.45% a week earlier. Much of the week’s increase stemmed from a 39% surge in refinancing activity, which propelled MBA’s refinancing gauge to 1,786.0, its strongest level since November 2016.
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