All articles tagged with #borrowing rates
China has cut its borrowing rates for the second time in two months in an effort to boost its economy, which has been hit hard by the coronavirus pandemic. The move is part of a larger stimulus package aimed at spurring growth and comes as the country's manufacturing sector shows signs of improvement.
Mortgage applications rose 7.2% over the past week as borrowing costs eased, according to the Mortgage Bankers Association's Market Composite Index. However, the increase remained well below levels from a year ago when borrowing rates were more than a percentage point lower. Refinance applications rose by a slim margin of 6% over the past week, which was less than a third of all applications. Elevated rates have reduced the benefit of a rate/term refinance for many borrowers and continue to discourage cash-out refinances as borrowers are unwilling to give up their lower rates.