Mortgage Applications Jump by Almost 25%

Mortgage Applications Jump by Almost 25%

A major dip in U.S. and Utah mortgage interest rates resulted in a 23.5% jump in home loan applications in the latest week, according to the Mortgage Bankers Association. As rates on conventional 30-year fixed-rate mortgages fell to 4.64% from 4.74% the week before, requests for both refinance loans and home purchase mortgages skyrocketed by 35% and 17%, respectively. The refinance share of mortgage applications increased to 45.8%, up from 42.7% the week before and is the highest reading in 11 months.

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