Ah, to be a mortgage banker doing refinancings as the global economy grinds to a halt.
According to the Mortgage Bankers Association, refinancing applications rose 37% week-over-week (WoW).
Refi applications have soared to their highest level since mid-2016 as mortgage rates plunge.
Mortgage purchase applications have not been the same since lenders tightened their lending standards and banks increased capital ratios. Not to mention the creation of the Consumer Financial Protection Bureau.
As the NY Fed. pointed out, housing debt is almost back to its prior housing bubble peak of $10 trillion.
Phoenix AZ leads the nation in QoQ mortgage debt growth. Why? A rebound effect in the lower tier of Phoenix home prices.
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