As mortgage interest rates dropped to their lowest levels in over a year last week, home owners and buyers raced to submit their refinance and other loan applications before rates start going up again.
The number of overall mortgage applications surged 28.4% last week compared with the previous year, according to the Mortgage Bankers Association. They were up 18% over the previous week.
Refinance applications, in which homeowners will typically try to lock in lower rates, shot up the most, an astounding 58% from a year ago. They also jumped 38.5% from the prior week.
4 comments
Alexander Rees
We went down the lane, by the body of the man in black, sodden now from the overnight hail, and broke into the woods at the foot of the hill.
Ralph Davin
On our side the fire had done no more than scorch the nearer trees; it had failed to secure its footing. In one place the woodmen had been at work on Saturday; trees, felled and freshly trimmed, lay in a clearing, with heaps of sawdust by the sawing-machine and its engine.
Alexander Rees
We went down the lane, by the body of the man in black, sodden now from the overniht hail, and broke into the woods at the foot of the hill.
Ralph Davin
On our side the fire had done no more than scorch the nearer trees; it had failed to secure its footing. In one place the woodmen had been at work on Saturday; trees, felled and freshly trimmed, lay in a clearing, with heaps of sawdust by the sawing-machine and its engine.