Refinances jump following drop in mortgage rates

Photo by: Mortgage Bankers Association
Photo by: Mortgage Bankers Association

(Washington, DC) -- More borrowers are looking to refinance their mortgages following a drop in rates.  

The Mortgage Bankers Association says demand for refinances rose nine-percent last week. An MBA economist pinned the decline in rates on the war in Ukraine which led to a drop in U.S. Treasury yields.

Meantime, applications for a mortgage so folks can buy a home jumped by nine-percent.