Refinance

While millennials took advantage of mortgage rates falling to two-year lows, increasing their refinance share, teaching them about low down payment loan products would help grow homeownership for this group, according to Ellie Mae.

Mortgage applications fell 3.1% from one week earlier even with another decrease in rates, according to the Mortgage Bankers Association.

The bucket of homeowners in the money to refinance includes anyone who bought a home in the last 18 months, and lenders are on the phone calling them.

Home equity lenders expect origination activity to remain dreary through next year even though consumers can potentially access more proceeds now than in 2006, a Mortgage Bankers Association survey found.

A growing share of refinances born by lower rates is pushing down risk levels for fraud on a mortgage application, according to First American.

Freddie Mac now forecasts that refinance volume will make up nearly half of third and fourth quarter production, and has increased its origination estimate for the year to over $2 trillion.

Mortgage rates remained near three-year lows last week, but their movement did not mirror the period's big shifts in the 10-year Treasury yield.

Mortgage rates rose for the first time since the middle of July, but that, along with continued consumer worries about the economy, helped to reduce application activity from the prior week.

Lower interest rates that have the power to reduce house payments are triggering a surge in mortgage refinancing activity and giving real estate agents hope that more affordable rates can lift area home sales that are barely lagging behind 2018.

Refinances jumped in July in response to a considerable mortgage rate decline from the month prior as homeowners set to lock in lower costs, according to Ellie Mae.