Mortgage Refinancing Applications Soar, Applications Increase

Homeowners were waiting in numbers for mortgage rates to go down further and as they did in the June 7 week, refinancing demand soared. The refinance index surged 47.0 percent in the week to overshadow what was a very sizable 10.0 percent jump in purchase applications, a jump that points to greater strength for home sales. The average 30-year conventional loan fell 11 basis points in the week to 4.12 percent for the lowest level since September 2017.