According to the Mortgage Bankers Association, residential mortgage refinancings shot up 38.50% from the previous week.
Here is the chart of mortgage refinancing applications with the mortgage rate drop to 4.06%.
Mortgage purchase applications were more modest at +4.06% WoW despite the rapid decline in mortgage rates.
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!