Mortgage refinancing suddenly surges, but homebuyers stall due to sticker shock
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.
Original Article Source Credits: CNBC , https://www.cnbc.com/
Article Written By: Diana Olick
Original Article Posted on: FEB 3 2021