24 May MORTGAGE APPLICATIONS INCREASE AS MORE HOMEBUYERS TURN TO REFINANCE
A major push from homeowners applying for refinance loans drove the overall volume of mortgage applications.
According to the Mortgage Bankers Association, a significant number of homeowners applied for a new refinance loan to close out the month of October.
The uptick in activity resulted in a nearly 4% increase to the association’s Market Composite Index, which measures overall applications.
By itself, the refinance index rose by 6% and was about 88% higher from the same time a year ago.
Homeowners cannot resist today’s unbeatable interest rates.
Mortgage rates continue to drop to record lows, which is driving both refinance and buyer demand.
If you want to take advantage of today’s real estate market, here’s how you can plan for a successful refinance experience.
Boost your credit score
Pay close attention to your credit standing.
Your three-digit score goes a long way in determining how low your rate will go.