Market update: mortgage applications jump 5.6 percent

The MBA’s latest survey reported a 5.6 percent jump in mortgage applications. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“Weak economic growth across the globe has helped U.S. interest rates fall to the lowest levels since last summer.  Homeowners that have increasingly been seeking cash-out refinances may find these levels very attractive and timely, given industry changes that will reduce loan-to-values on cash-out refinances in December.”

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