Refinances Surge After Interest Rate Drop, Mortgage Applications
Mortgage applications are soaring-a direct result of last week's significant drop in interest rates. According to the Mortgage Bankers Association, applications for mortgage loans are up more than 26% compared to this time last week. The jump comes after rates dipped to 3.82% last week-their lowest point in almost two years.
Rates remained low this week, too, holding steady at 3.82% as of yesterday, according to Freddie Mac.