August 26, 2010
MBA Sees Coming Refi Blitz
By Matthew L. Brown
Home loan application volume increased 4.9 percent last week with refinance loans taking up 82.4 percent of the market, according to the Mortgage Bankers Association.
Refinance application volume ended the week at its highest level since May of last year while the volume of applications to purchase homes increased by 0.6 percent.
Mortgage rates dropped to an average of 4.55 percent, the lowest rate recorded by the MBA survey since 1990. A week earlier, the average rate was 4.6 percent.
The MBA said low rates may encourage even more homeowners to refinance in the coming months, even if they've done so in the last couple of years.
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