Declining mortgage rates are currently leading to spikes in refinance loans. During the week of June 7, 2019, the Market Composite Index jumped a staggering 26.8%.
CNBC put together a list of specifics on mortgage activities during mid-May. Take a look:
- The Refinance Index spike +47% from the week of June 1 to June 7, 2019.
- The refinance share of mortgage activity increased to a whopping 49.8% from a week earlier when that index was 42.2%.
- The seasonally adjusted Purchase Index increased +10% from the week before, June 1 to June 7.
- The adjustable rate mortgage sector of mortgage activity increased to 7.9% of total mortgage applications.
- The share of FHA mortgage applications fell from 9.5% to 8.9% of all mortgage activity.
Thanks to news@Harrisandharris.com