Homeowners looking to refinance their mortgages drove up the volume of applications last week as homebuyers retreated. An index tracking the number of applications to refinance increased 6 percent, seasonally adjusted, last week, compared to the prior week, according to the Mortgage Bankers Association’s survey. The MBA metric, known as the refinance index, was up 88 percent year-over-year. Meanwhile, the volume of homebuyers applying for purchase loans fell by 1 percent, compared to the week
source https://therealdeal.com/2020/11/04/homebuyers-retreat-while-mortgage-refinancings-jump/
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