WASHINGTON–Mortgage applications have jumped to an 18-month high, and the vote in the U.K. to exit the European Union is being largely credited for the volume.
The Mortgage Bankers Association reported its seasonally adjusted index of refinancing applications soared 20.8% in the week ended July 1 to its highest level since January, 2015.
The share of weekly refinancing requests rose to 61.6% of total applications, up from 58.1% the prior week and its biggest share since February, the MBA said.
Meanwhile, the average rate on 30-year home mortgages fell to 3.66%, the lowest since May 2013, from 3.75% the previous week, MBA said.
The number is less than a quarter-percentage point above the historic low of 3.47% recorded in December 2012, according to the MBA.
As CUToday.info reported here, many analysts expect rates to go even lower and lead to another round of refinancings.