A sharp drop in mortgage interest rates had borrowers rushing to their lenders last week.
Refinance volume spiked, sending total mortgage application volume up 15.1% for the week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) decreased to 3.57% from 3.73%, with points decreasing to 0.26 from 0.27 (including the origination fee) for loans with a 20% down payment. Rates are even lower now. One year ago, the average rate was 4.67%, 110 basis points higher.
Find more information here: https://www.cnbc.com/2020/03/04/weekly-mortgage-refinances-spike-26percent-with-help-from-coronavirus.html