Mortgage refinancings hit highest level since mid-August

Homeowners rushed to refinance last week as mortgage rates fell, while applications from prospective homebuyers slowed. The Mortgage Bankers Association’s refinance index increased 8 percent, seasonally adjusted, in the first week October, compared to the prior week. That’s highest level the index has reached since mid-August, and that figure marks a 50 percent year-over-year increase. Joel Kan, MBA’s head of industry forecasting, attributed the surge to falling mortgage rates. The rate for a 30-year, fixed-rate mortgage

source https://therealdeal.com/2020/10/07/mortgage-refinancings-hit-highest-level-since-mid-august/