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Current homeowners are rushing to refinance their mortgages.
The spike in refinance applications is due to the decrease in mortgage interest rates from 6.15% to 6.13%.
Last week, refinance applications increased 20%.
Mortgage Bankers Association vice president and deputy chief economist Joel Kan said in a statement, “The 30-year fixed rate decreased for the eighth straight week to 6.13%, while the FHA rate decreased to 5.99%, breaking the psychologically important 6% level. As a result of lower rates, week-over-week gains for both conventional and government refinance applications increased sharply.”
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