Mortgage applications for refinancing soared to its highest level in three years, the Mortgage Bankers Association reported Wednesday in its weekly survey. Record low interest rates are prompting more home owners to try to lock in savings to their monthly mortgage bills.
Overall mortgage applications ? which includes those for refinancings and for home purchases ? inched up last week by 0.2 percent. The increase was driven by the surge in refinancings, which rose 0.8 percent from last week and was at its highest level since April 2009.
Meanwhile, mortgage applications for home purchases ? often viewed as a gauge for future home buying ? dropped 2 percent compared to the prior week, MBA reported. Stricter lending requirements may still be keeping some potential home buyers from taking advantage of low mortgage rates, according to housing experts.
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