Mortgage rates drop to lowest since the '50s
The benchmark 30-year fixed-rate mortgage fell 10 basis points, to 5.19 percent, according to the Bankrate.com national survey of large lenders. One year ago, the mortgage index was 5.91 percent; four weeks ago, it was 5.45 percent.
U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, according to The Mortgage Bankers Association. Seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, increased 32.2 percent to 1,159.4 for the week ended March 20. Refinancing accounted for 78.5 percent of all applications.
Source: Bankrate.com, Mortgage Bankers Association
U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, according to The Mortgage Bankers Association. Seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, increased 32.2 percent to 1,159.4 for the week ended March 20. Refinancing accounted for 78.5 percent of all applications.
Source: Bankrate.com, Mortgage Bankers Association
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