Refis to 15-month high as mortgage rates fall

Mortgage loan application volume rose 4.9 percent nationwide last week as borrowers continued in their scramble to refinance at record low interest rates, according to the latest data from the Mortgage Bankers Association. With the 30-year fixed-rate mortgage at a new low, 4.55 percent, down from 4.6 percent last week, refinancing activity rose another 5.7 percent from the previous week to its highest level since last May. The volume of refinancing applications has risen a total of 26 percent over the past four weeks. Meanwhile, purchasing applications inched slightly upward by 0.6 percent week-over-week. “With rates this low, many borrowers who refinanced in the past two years may well have an incentive to refinance again, and this is likely increasing refi application activity,” said Michael Fratantoni, vice president of research and economics for the MBA. TRD