The number of people who looked to refinance their home loans shot up for the week ending July 12, lenders said.
Homeowners moved to refinance their mortgages for the week ending July 12, the Mortgage Bankers Association said on Wednesday, as interest rates for home loans fell helping to also bring in new applications as buyers looked to take advantage of cheaper borrowing costs for a house.The Refinance Index from the MBA showed that refinancing shot up 15 percent for the week and on a yearly basis, soared 37 percent. Overall, mortgage applications jumped nearly 4 percent, lenders pointed out.
'Application activity was up 4 percent, driven by a 15 percent jump in refinances to the highest level since August 2022.'The refinance share of mortgage activity improved nearly 39 percent of the overall applications recorded for the week ending July 12. The jump in home loan applications was helped by an increase in Federal Housing Administration and Veterans Affairs supported mortgages.
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