Mortgage rates moved even lower last week, after setting multiple record lows over the last several months. That caused more borrowers to call their lenders and apply for a refinance, but it did not motivate homebuyers quite as much.
Refinance volume surged to the highest level since mid-August as mortgage rates dipped to 3.01%.
An 'Open House' sign is displayed as potential home buyers arrive at a property for sale in Columbus, Ohio.Mortgage rates moved even lower last week after setting multiple record lows in recent months, spurring more borrowers to call their lenders and apply for a refinance, but homebuyers were quite as motivated.
In response, refinance application volume, which is most sensitive to weekly rate moves, rose 8% for the week and was 50% higher than a year ago, according to the Mortgage Bankers Association's seasonally adjusted index. That is the highest refinance volume since mid-August. "There are signs that demand is waning at the entry-level portion of the market because of supply and affordability hurdles, as well as the adverse economic impact the pandemic is having on hourly workers and low- and moderate-income households," said Joel Kan, an MBA economist. "As a result, the lower price tiers are seeing slower growth, which is contributing to the rising trend in average loan balances.
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