Total mortgage application volume climbed 2.7 percent last week, driven largely by increases in refinancing. The data compiled by The Mortgage Bankers Association indicates that current homeowners refinanced to lock in lower mortgage rates which fell to their lowest point since the presidential election during the week ended April 21. They have since climbed up slightly.
Mortgage refinance volume rose by seven percent last week bringing the total refinance share of mortgage activity to 44 percent of total applications.
Refinances are most susceptible to minor changes in mortgage rates which correlate to the yield of 10-year treasury bonds. Today, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent while 15-year rates are near 3.25 percent.
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