Tag: Mortgage
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Home sales surged in October, just before mortgage rates jumped
A sharp drop in mortgage rates brought homebuyers off the fence in October after a slow summer. Sales of previously owned homes last month rose 3.4% from September to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors. Sales were 2.9% higher than October of last year, marking…
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Mortgage refinance boom takes hold, as weekly demand surges 20%
A steady decline in mortgage rates to two-year lows has current homeowners rushing to take advantage of potential savings. Applications to refinance a home loan surged 20% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand was a stunning 175% higher than the same week one year…