“Applications increased 5%, driven by a 27% surge in refinance activity, as borrowers with higher rates acted on the chance to lower their payments. VA refinance applications were up 85% from the previous week, matching some of the larger swings in VA activity reported in recent months.” --Joel Kan, MBA’s Vice President and Deputy Chief Economist

California, New Jersey and Illinois have high concentrations of at-risk markets--with parts of Florida joining that mix--according to ATTOM Data Solutions, Irvine, Calif.