Mortgage refinancing jumps 20% at start of year

In the first full week of 2021, mortgage refinancing increased by 20%, according to the Mortgage Bankers Association's latest survey.

Overall demand for mortgage applications rose 16.7% from the prior week.

“Booming refinance activity in the first full week of 2021 caused mortgage applications to surge to their highest level since March 2020, despite most mortgage rates in the survey rising last week," said Joel Kan, MBA’s associate vice president of economic and industry forecasting. "The expectation of additional fiscal stimulus from the incoming administration, and the rollout of vaccines improving the outlook, drove Treasury yields and rates higher."

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