The Mortgage Bankers Association's refinance index surged 16% last week to its highest level in two years. Refinance applications were up nearly 60% year-over-year.
Despite lower rates, home purchase loan applications only rose by 0.8% from the previous week and were down about 11% from a year earlier.
"For-sale inventory is beginning to increase gradually in some parts of the country... given the prospect of lower rates," said Joel Kan, deputy chief economist at the MBA.
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