US Mortgage Refinancing Surges by Most Since 2020 on Lower Rates
- MBA gauge jumped 34.5% to a more than two-year high last week
- Mortgage applications for home purchases rose more modest 2.8%
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US mortgage refinancing surged last week by the most since the early days of the pandemic as borrowing costs continued to drift lower.
The Mortgage Bankers Association’s refinancing index jumped 34.5% to a more than two-year high of 889.3. Mortgage applications to purchase a home climbed 2.8% in the week ended Aug. 9, the largest advance since the first week of June.