Real Estate

Mortgage refinances rebound as rates drop temporarily

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Robin Azougi 1st R, a licensed real estate salesperson with Douglas Elliman Real Estate, talks with prospective buyers at a house for sale in Floral Park, Nassau County, New York, on Sept. 6, 2020.

Wang Ying | Xinhua News Agency | Getty Images

After three straight weeks of declines, mortgage demand came crawling back, thanks to a drop in interest rates.

Total application volume rose 4.2% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Refinances led the gains, rising 6% for the week. They were still 22% lower than the same week one year ago because so many borrowers already refinanced last fall, when rates hit record lows. The…



Source cnbc.com

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