Mortgage refinance applications surged last week, increasing 10% from the week before, and are up 163% from the same period a year ago, according to the Mortgage Bankers Association (MBA). Low mortgage interest rates are driving these increases.
Joel Kan, the associate vice president of economic and industry forecasting at the MBA said, “Despite lower rates, the cloudier economic outlook and ongoing market uncertainty may be keeping some potential buyers away from the market this fall.”