Weekly mortgage refinances spike 39% after huge rate drop
- By Interstate Abstract
- •
- 10 Apr, 2019
The biggest one-week rate drop in a decade unleashed a run on refinances last week, although it did not especially spur spring buyers.
Mortgage application volume surged 18.6 percent from the previous week and 28 percent from a year ago, according to the Mortgage Bankers Association's seasonally adjusted index.
In May, existing home sales rose for the first time since March, according to the latest report from the National Association of Realtors.
Total existing home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – climbed 2.5% from April to a seasonally adjusted rate of 5.34 million in May. Sales were 1.1% below May 2018’s rate..
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“Is anybody else nervous, or is it just me?” asked Edbrook Joseph.
