Mortgage refinancing suddenly surges, but homebuyers stall due to sticker shock

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Mortgage rates fell for the first time in nearly a month, and that lit a fire under current borrowers who may have thought they missed the boat on refinancing their loans.

Applications to refinance jumped 11% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Demand was 59% higher than a year ago. The refinance share of mortgage activity increased to 71.4% of total applications from 70.7% the previous week.

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Original Article Source Credits:   CNBC , https://www.cnbc.com/

Article Written By:  Diana Olick

Original Article Posted on:   FEB 3 2021

Link to Original Article:  https://www.cnbc.com/2021/02/03/mortgage-refinancing-surges-but-high-home-prices-stop-buyers.html?&qsearchterm=mortgage

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