Smart Borrower Blog

Archive for the ‘Mortgage Refinancing’ Category

Home Purchase Mortgage Demand Rebounds 54% From April

U.S. homebuyers did not let the COVID-19 hold them back for long. Mortgage applications to buy a home have risen dramatically for each of the past six weeks, with a 9% increase in the past week alone, according to the Mortgage Bankers Association. Home purchase applications have now bounced back 54% since early April when […]

Home Loan Requests Jump as Buyer Reenter Housing Market

Even though total mortgage application volume fell, home purchase loan requests climbed 12% in the latest weeks, according to the Mortgage Bankers Association. At the same time both mortgage rates and refinance applications fell. As several states reopened from coronavirus stay-at-home orders, home buyers seemed to resurface everywhere, in what could be a indication of […]

Refinance Applications Surge as Rates Fall Again

Total U.S. mortgage applications rose last week, as interest rates tumbled to their lowest point on record, according to the Mortgage Bankers Association. The MBA’s mortgage application volume index rose 7.3% during the week ended April 15, 2020. That was led by a 10% weekly increase in refinance requests. Refinance volume was up 192% over […]

Refinance Demand Jumps 79% on Rate Dive

In the wake of the lowest long-term mortgage interest rates on record, American homeowners rushed to take advantage of home loan savings, according to the Mortgage Bankers Association. Refinance applications volume jumped an astounding 79% from last week and are up 479% compared with a year ago.  Refinances made up 76.5% of all applications, up […]

Household Debt Hits Record High $14 Trillion

Americans now owe a total of $14.15 trillion in household debt, according to the Federal Reserve, the highest level ever recorded. Household debt grew by $601 billion in 2019, at the fastest pace since 2007, right before the financial crisis. “Mortgage originations, including refinances, increased significantly in the final quarter of 2019, with auto loan […]

Corona Virus Fears Fuels Mini-Refinance Boom

Global fears about the Corona Virus have pushed mortgage interest rates lower, which in turn has inspired many homeowners to refinance, according to the Mortgage Bankers Association. Refinance applications rose 5% for the week ended February 7, 2020, and they increased an astonishing 207% compared with a year ago. During the same time, the average […]

Cash-Out Refinances Grew 28% Since 2018

With home prices continuing to climb in the face of limited inventory, American homeowners have trillions of dollars in equity and they are taking advantage of it. According to real estate data firm Black Knight, cash-out refinance loans made up 52% of all refinance activity in the 2019 third quarter, up from just 24% a […]

Refinance Application Volume Shoots Up 300% Over Last Year…Thanks to Thanksgiving

Total refinance application volume jumped 314% this week compared to last year but was just 4% higher than the week before, according to the Mortgage Bankers Association. And although that 300%+ number sounds jaw-dropping, it really isn’t a fair comparison as the same week last year included Thanksgiving. So of course, fewer people were out […]

Mortgage Volume Unchanged Amid Lower Rates

Long-term U.S. mortgage interest rates fell in the latest week, but it was not enticing enough to bring borrowers to the mortgage table, according to data from the Mortgage Bankers Association. The MBA’s mortgage application index fell 0.1% during the week ended November 6, 2019, with a 2% increase in refinance requests being offset by […]

Low Mortgage Rates Squeeze Housing Inventory

Lower mortgage interest rates have increased demand for housing, pushing current market inventory down 2.5% in September, according to Realtor.com. That’s a significantly bigger decline than August’s 1.8% decrease. And the housing supply could drop even farther in coming months. Long-term mortgage interest rates have dropped to 3.5% from 5% just a year ago. That […]