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Refi Boom? Mortgage Applications Surge As Rates Plunge

Courtesy of ZeroHedge. View original post here.

Mortgage applications surged an impressive 26.8% WoW – the largest jump since Jan 2015 – led by a massive spike in refis as mortgage rates tumbled alongside the Treasury market.

30Y rates dropped back below 4.00% – the lowest since Jan 2018…

Prompting a sudden 46.5% surge in refinancing activity (which we saw also saw in early March) and purchases rose 10.0% (after falling the prior week).

Loan size for purchases fell on average last week while the size of refi loans rose spiked…

Refis made up 49.8% of all loans (53.7% of loan value) versus the prior week's 42.2%, but as the chart above shows, these spikes in activity are hardly a long-term signal of health…

…more a short-term reflection of mortgage banker marketing efforts.


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