Homeowners moved to refinance their properties in the week ending May 17, Mortgage Bankers Association reported—at a time when mortgage rates have been trending downward, providing an opening for homeowners to reduce their monthly home loan payments.Refinancing activity went up 7 percent in the period and was 21 percent higher than at the same time a year ago, MBA's Refinance Index showed. Overall, mortgage applications increased by almost 2 percent, the data showed.
But elevated inflation has nevertheless contributed to a lukewarm housing market this spring, a time typically active for buyers and sellers. MBA's seasonally adjusted Purchase Index dropped 1 percent, while the unadjusted metric fell 2 percent—placing it 11 percent lower than it was at the same time in 2023.ViewsJoel Kan, MBA's deputy chief economist, suggested that a decline in rates for the week ending May 17 had a hand in encouraging homeowners to refinance their home loans.
Source: Loan Digest (loandigest.net)
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