Jagshemash! Mortgage Rates Do the Backstroke, Homeowners Say 'Chenqui'!

Great Success! Rates Go Down Like Pants in a Nudist Colony!

Jagshemash everyone! Borat Sagdiyev here bringing you the latest news from the United States of A mer i ca! My sources tell me—very reliable sources like my neighbor Nursultan Tulyakbay—that mortgage rates have fallen! Yes! They have gone lower than my village's well digging champion after too much fermented horse milk. This is very niiiice! The homeowners are doing a happy dance like when I saw Pamela Anderson for the first time!

Refinance Frenzy! More Popular Than a Free Bagel!

Because of these lower rates many homeowners are now trying to refinance their homes. Refinance applications have gone up 7%—that is more than the amount of teeth my sister has! And 40% higher than last year! It's a refinance frenzy like when they announce free bagels at the synagogue! Even Joel Kan a very smart man from the Mortgage Bankers Association says that refinance went up for conventional applications and VA (Very Awesome) refinance applications.

The Big Loans Are Getting Bigger! VERY NICE!

Ah the loan sizes! They are getting bigger like my cousin's belly after a sheep eating contest. The average loan size for a refinance application increased to $313,700. Very nice! People with big loans they are like the Kardashians of the mortgage world. More money more problems... but also more house!

Homebuyers? Not So Much Chenqui!

But the homebuyers they are not so excited. They are like a donkey in a beauty contest. Applications for a mortgage to purchase a home only went up 0.1%. Almost nothing! Mr. Kan says there is 'uncertainty' in the market. Maybe they are worried about the bears? You never know! Bears can be very scary especially if they are wearing dresses.

Volatility! More Bumpy Than a Camel Ride!

Matthew Graham from Mortgage News Daily says that the job market is causing the rates to go up and down like a Kazakhstani disco dancer. This volatility is more bumpy than a camel ride through the desert! But he says this is nothing compared to what might happen after the government releases the monthly employment report! OY VEY!

Wa Wa Wee Wa! Stay Tuned!

So keep your eyes peeled! The mortgage market is wilder than a party at my village's collective farm. Stay tuned for more updates. And remember "Very nice!"