Highest Refi Demand in 4 Years After Last Week's Rate Rally

Mortgage application activity surged last week in response to headlines of mortgage rates stably holding multi-year lows. The Mortgage Bankers Association (MBA) reported an increase of 11.0% on a seasonally adjusted basis for the week ending February 27. Refi applications once again led the charge, jumping 14.3% from the previous week and 109% higher vs the same week one year ago. Conventional refi apps rose 20% for …