A sharp drop in mortgage interest rates had borrowers rushing to their lenders last week. Refinance volume spiked.
The average contract interest rate for 30-year fixed-rate mortgages fell to 3.57% from 3.73% last week.
"Given the further drop in Treasury rates this week, we expect refinance activity will increase even more until fears subside and rates stabilize," said the MBA's Mike Fratantoni.Getty ImagesRefinance volume spiked, sending total mortgage application volume up 15.1% for the week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
That drop caused a 26% surge in weekly refinance applications. Compared with one year ago, refinance volume was nearly 224% higher. An MBA spokesman said they will be updating their annual forecast later this week, calling for a big uptick in refinances. Detroit-based Quicken Loans saw record-setting volume on Monday and Tuesday, as rates fell to a record low. CEO Jay Farner said the new ways of processing loans are making it easier to handle even tremendous volume spikes.
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