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  1. Mortgages
  2. Mortgage Refinance

Mortgage Refinance Applications Surge to Highest Level in 8 Months

By: Leslie Cook
Leslie Cook, expert in Mortgages, housing market, home renovations, consumer credit, and Editor, Real Estate at Money
Leslie Cook
Editor, Real Estate | Joined November 2019
Leslie Cook is Money’s lead mortgage reporter covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips.
See full bio
Published: May 11, 2023 4 min read
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Last week’s slight downturn in mortgage rates prompted a bump in mortgage applications as both homebuyers and owners jumped at the chance to lock in a lower rate.

Overall, total applications surged a little over 6% for the week ending May 5 compared to the prior week, according to the Mortgage Bankers Association. And while all applications were higher, the biggest jump occurred in the number of homeowners applying for a mortgage refinance — the type of loan that has been most severely impacted by the sharp rise in mortgage rates over the past year.

Refinancing applications were up by 10% from the previous week, reaching their highest level since last September.