Talking Points …
- Total mortgage application volume surged 13.9 percent on a seasonally adjusted basis for the week ended Sept. 18 versus the earlier week, according to the Mortgage Bankers Association (MBA).
- Refinance applications, which are most rate-sensitive, increased 18 percent from the previous week. Purchase applications rose 9 percent to their highest level since June 2015. They are now 27 percent higher than the same week one year ago.
- Mike Fratantoni, MBA’s chief economist, commented, “We saw significant rate volatility last week surrounding the [Federal Reserve’s] meeting, and rate declines toward the end of the week likely drove applications from both prospective home buyers and borrowers looking to refinance.”