The refinance paradigm: Production levels increase and/or decrease, to a large extent, based upon certain interest rate movement threshold expectations.
Looks like we may have reached another threshold.
prb
NEW YORK (CNNMoney) -- Mortgage loan applications surged 23% last week, according to the Mortgage Bankers Association, as record-low interest rates convinced many homeowners it was time to refinance into lower-cost loans. Refinancing activity climbed 26.4% during the week ending January 13, to its highest level since early August, the MBA reported.
Meanwhile applications for new mortgages climbed 10.3% week-over-week.
