As interest rates on residential loans turned lower, new refinance activity surged to the highest level in 17 months — driving up overall activity in the process.
A 14 percent increase from a week earlier put the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended Aug. 5 at 199.
Compared to the same week last year, the index — a representation of average per-user rate locks by customers of OpenClose — has risen by 37 percent.
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From:: Financing