Refi Inferno? Residential Mortgage Refinancing Applications Jump 38.50% WoW As Mortgage Rate Decline To 4.06%

According to the Mortgage Bankers Association, residential mortgage refinancings shot up 38.50% from the previous week.

mortgagestt

Here is the chart of mortgage refinancing applications with the mortgage rate drop to 4.06%.

mbarefi

Mortgage purchase applications were more modest at +4.06% WoW despite the rapid decline in mortgage rates.

mbap

30-year mortgage rates have been falling thanks to deterorating conditions in the EU.

Is this a refi inferno?  Or is it just a slight increase? Call it a relative inferno!

ltrefi

 

 

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