Real estate agents Rosa Arrigo, center, and Elisa Rosen, right, work an open house in West Hempstead, New York on April 18, 2021.
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Homeowners saw an opportunity last week and seized it. A sudden and unexpected drop in mortgage rates sent borrowers to their lenders in droves, hoping to save on their monthly payments.
Applications to refinance a home loan jumped 20% last week from the previous week, according to the Mortgage Bankers Association’s weekly index, which was seasonally adjusted, including for the Fourth of July holiday.
Refinance demand is highly sensitive to weekly and even daily rate moves. While the drop wasn’t exactly huge, it was enough,…