Refinance Applications Drop As Purchase Applications Rise

The post-Brexit refinance frenzy seems to have leveled off, but that doesn’t mean borrowers aren’t taking advantage of current low rates; purchase applications have started to see an increase.

According to data, refinance applications fell by 1% this week after seeing an increase of 24% over the past 4 weeks, while purchase applications saw a 23% rise compared to last week.

Overall, mortgage borrowing has increased to the highest we’ve seen in the past three years, with many experts predicting a new wave of refinancing and believing that rates will hold steady in coming weeks.

Nothing’s a sure thing in the world of mortgage rates, but the current numbers are some of the best we’ve seen. Head over towww.amerisave.com to view today’s rates and get a quote in minutes.