Talking Points …
- A sharp drop in interest rates prompted more homeowners to refinance their mortgages last week, especially those with large loans, according to the Mortgage Bankers Association.
- Total mortgage application volume increased 9.3 percent on a seasonally adjusted basis from the previous week. Interest rate-dependent refinances were almost entirely behind the gains.
- Applications to refinance a home loan rose 16 percent from the previous week, seasonally adjusted, while those to purchase a home rose just 0.2 percent for the week.