Mortgage refinancing applications soared last week to their highest level in over two years, as borrowing costs drifted lower and homeowners seized the opportunity to refinance at lower rates, said the Mortgage Bankers Association (MBA) on Aug. 14.
The MBA’s mortgage refinancing index jumped by 34.5 percent for the week ending Aug. 9 compared to the prior week—and by a whopping 118 percent compared to a year ago. With the move, the refinancing index saw its strongest week since May 2022.
