Mortgage Applications Surge as Rates Plunge
Mortgage applications surged 15.1% last week, and refinance applications were up 26%, as consumers rushed to cash in on declining rates, according to the Mortgage Bankers Association.
The average interest rate on a 30-year fixed-rate mortgage with a balance of $510,400 or less fell to 3.57% last week, from 3.73%, with 15-year rates as low as 3.03%. Americans took notice: Refinance volumes were up 224% from the same week a year prior.
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Source Fool.com
