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Weekly mortgage refinances spike 39% after huge rate drop

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The biggest one-week rate drop in a decade unleashed a run on refinances, although it did not especially spur spring buyers.

The biggest one-week rate drop in a decade unleashed a run on refinances last week, although it did not especially spur spring buyers.

Refinance applications jumped 39 percent for the week to the highest level since January 2016. Volume was 58 percent higher than a year ago, when interest rates were higher. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances decreased to 4.21 percent from 4.35 percent.

Mortgage borrowers looking to purchase a home did not respond quite as aggressively. Those applications increased 3 percent for the week and were 10 percent higher than a year ago. Lower rates may be helping more buyers get into their first home.

 

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