Mortgage Applications, Refinances Surge After Interest Rate Drop | USNewsRank.com

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Lower mortgage rates and high appreciation in some areas are driving a national surge in home refinancing. Both purchase and refinance applications jumped in the past week, with mortgage applications up 26.8 percent from a week earlier, according to data from the mortgage bankers association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 7, 2019.

Let’s talk mortgage basics. There are two main types of mortgage refinances available to homeowners. There is the standard rate and term refinance, which allows a borrower to obtain a lower mortgage rate and/or shorten their loan term, while keeping their existing loan balance intact.. And then there is the "cash-out refinance," which allows a borrower to tap into the equity (or cash) in.

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MBA Mortgage Applications. After the Federal Reserve cut interest rates last week, the average rate on 30-year fixed conventional mortgages was down seven basis points to 4.01%. This helped trigger a 12% surge in refinances that overcame a 2% drop in the number of purchase applications. Applications were up 5.3% overall.

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Despite strong homebuyer interest with mortgage rates nearing new lows, the limited availability of homes for sale continues to hamper growth. Consumers who are eligible to refinance are the biggest beneficiaries of the lower mortgage rate environment and that group is driving the improved projection for single-family origination volume in 2019.

The surge was a direct response to another drop in mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to.

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