As mortgage interest rates hit a three-year low, loan applications have risen by 22%, according to the Mortgage Bankers Association. Meanwhile, mortgage refinance applications increased 300% last week as compared to the same period in 2018. This increase will help stimulate sagging economic growth by putting extra cash in the hands of homeowners.
The association’s vice president for economic and industry forecasting, Joel Kan note, “The 2019 refinancing wave continued, as homeowners responded last week to extraordinarily low mortgage rates”.