Mortgage applications surged an impressive 26.8% WoW - the largest jump since Jan 2015 - led by a massive spike in refis as mortgage rates tumbled alongside the Treasury market.

30Y rates dropped back below 4.00% - the lowest since Jan 2018...

Prompting a sudden 46.5% surge in refinancing activity (which we saw also saw in early March) and purchases rose 10.0% (after falling the prior week).

Loan size for purchases fell on average last week while the size of refi loans rose spiked...

Refis made up 49.8% of all loans (53.7% of loan value) versus the prior week's 42.2%, but as the chart above shows, these spikes in activity are hardly a long-term signal of health...