Applications for mortgage refinancing have risen from a year ago as declining interest rates allow homeowners to lower their monthly payments, according to new Mortgage Bankers Association (MBA) data released on Oct. 22.
Mortgage loan applications slipped 0.3 percent in the week ended Oct. 17, marking a fourth consecutive weekly decline, the MBA’s latest Weekly Mortgage Applications Survey showed.
While new purchase activity has cooled over the past month, refinancing demand remains strong.
Refinance activity rose 4 percent from the previous week and is up 81 percent from a year ago, “as borrowers remain attentive to these opportunities to lower their monthly mortgage payment,” says Joel Kan, MBA’s deputy chief economist and vice president….