According to an article by Matthew Graham for Mortgage News Daily, “the jobs report has a more consistent track record of causing big market movement than any other piece of economic data”. He further states “the underlying bond market improved throughout the day and held onto that improvement, resulting in lenders offering lower rates”.
October 2019 was the first time that nearly half of loan originations were refinance. According to an article on MortgageNewsDaily.com, continuing lower interest rates are driving the refinance market.
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Residential Real Estate prices are on the rise according to many news sources. In a HousingWire.com article they reference Redfin data: “Redfin’s data also determined that only 6 of the 85 largest metros saw a year-over-year decline in their median sale price.”
Increased residential property values combined with the lowest mortgage interest rates since October 2016 has driven a Refinance Boom. The increase in residential prices has slowed the purchase market some, but when combined with the low interest rates it has opened a great opportunity for those homeowners who can benefit from a refinance.