This often happens at the start of a rising rate cycle, as borrowers realize rates may have hit bottom and rush to get in before they move even higher.
Refinance demand, which is most sensitive to small rate moves, increased 13% from the previous week and was 188% higher than a year ago, when interest rates were 114 basis points higher. "Positive data on consumer sentiment, and growing optimism surrounding the U.S. and China trade dispute, were behind last week's rise in the 30-year fixed mortgage rate," said Joel Kan, the MBA's associate vice president of economic and industry forecasting. "With rates still in the 4% range, we continue to expect to see moderate growth in refinance activity in the final weeks of 2020.
"Low supply and high home prices remain a key characteristic of this fall's housing market, which is why the largest growth in activity continues to be in loans with higher loan balances," added Kan.
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