Mortgage refinancing surges nearly 20% in one week, MBA says

• Mortgage refinancing activity surged 20% in the last week, MBA said.
• The pick up in refinancing volume comes as some lenders are quoting rates below 7%. 
• "Prospective homebuyers are still challenged by a lack of inventory, even as rates have decreased."

Mortgage rates have dropped to their lowest level since July, and borrowers are rushing to lock in a lower rate than what they secured earlier in the year.

Refinancing activity in the last week has swung up by nearly 20%, according to the Mortgage Bankers Association.