U.S. mortgage activity picks up as loan rates tumble: MBA

As of Tuesday night, top-tier borrowers were paying 4.21% for that loan. The yield on a 10-year U.S. MBA Associate Vice President of Economic and Industry Forecasting said: There was a tremendous.

U.S. mortgage activity picks up as loan rates tumble: MBA U.S. mortgage applications edged up last week, led by a jump in requests for refinancing, as home borrowing costs fell to their lowest levels in nearly 17 months.

New Mortgages Soar as Loan Rates Tumble to 15-Month Lows. There was a tremendous surge in overall applications activity, as mortgage rates fell for the fourth week in a row – with rates for.

U.S. mortgage activity slips for second week: MBA.. the most widely held type of U.S. home loan, dropped to 4.33 percent from 4.46 percent, which was the highest level since April 2014.

MBA. of mortgage strategy Walt Schmidt wrote in a research note. In late 2016, refinancing activity plummeted as mortgage rates surged to their highest in over two years. home borrowing costs.

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MBA’s seasonally adjusted gauge of applications to refinance an existing home loan edged up 0.2 percent from a six-week low to 1,274.5. It was 2,177.4 a year earlier. The refinancing share of overall mortgage activity grew to 42.6 percent from prior week’s 41.6 percent, which was the lowest since September 2008.

Rates on ARMs fell for the first time in five weeks. The ARM share of activity increased to 13.2 percent, up from. The MBA’s survey covers about 50 percent of all U.S. retail residential loans.

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The average interest rate for 30-year fixed-rate mortgages, with conforming loan balances of $484,350 or less, climbed to 3.94% from prior week’s 3.90%, which was the lowest since November 2016.

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“The pick-up in refinance activity was led by larger loan sizes on average, as continued investor interest drove jumbo interest rates down even further.” The survey covers over 75 percent of U.S.