Mortgage applications soared last week as a plunge in borrowing costs led to biggest gain in home refinancing since January 2012.
The Mortgage Bankers Association's index rose 11.6% in the period ended Oct. 17, the biggest gain since January, after a 5.6% advance the week before, figures from the Washington-based group showed today.
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The average rate on a 30-year fixed loan declined for a fourth week to 4.1%, the lowest since May 2013, from 4.2%. The average on a 15-year mortgage fell to 3.28% from 3.41%.
The share of applicants seeking to refinance rose to 65%, the highest since mid-December, from the prior week's 58.9%.
