Homeowners are capitalizing on historically low mortgage rates in droves.
The number of refinance applications spiked 79% in the first week of March to the highest level since April 2009, according to the Mortgage Bankers Association. The jump was also the largest week-over-week increase since November 2008.
The volume was nearly six times higher versus the same week a year ago, and the strong activity in the last weeks prompted the MBA to revise their 2020 estimates for total refinances 37% higher.
