US EditionMortgage refinance demand spikes nearly 60%, as interest rates drop sharply
Mortgage refinance applications surged 58% last week with adjustable-rate mortgages reaching their highest share since 2008, driven by a rate drop to 6.39%, the Mortgage Bankers Association said.
- Last week, the Mortgage Bankers Association reported refinance applications rose 58%, while applications to purchase a home increased 3%.
- As mortgage rates fell last week, rates dropped to the lowest level in nearly a year, and a Federal Reserve rate cut expectation fueled refinancing demand.
- Supporting figures include a drop in the average contract rate for 30-year fixed-rate mortgages to 6.39%, the ARM share rising to 12.9%, and record refinance loan sizes, Mike Fratantoni said.
- Homeowners who bought in 2023 or 2024 could save monthly by refinancing into longer-term fixed mortgages at rates near 6%, while Bank of America expects rates to drop to 6.25% by year-end amid the Fed's easing cycle.
- The National Association of Home Builders said applications for a mortgage to purchase a home rose 3% last week, indicating a potential market turning point.
17 Articles
17 Articles
The Federal Reserve's rate cut this week impacted the housing market and caused mortgage rates to drop, leading to a surge in refinancing applications.
Mortgage Refinance Applications Soar Amid Falling Interest Rates
The U.S. mortgage market experienced significant activity last week as interest rates declined to a one-year low, according to new industry data. For the week ending Sept. 12, the average 30-year fixed rate mortgage decreased by 10 basis points to 6.39 percent—the lowest level since October 2024—the Mortgage Bankers Association said on Sept. 17. The sharp drop in interest rates has stimulated mortgage demand, particularly for refinancing. Applic…
Americans are sprinting to refinance their mortgage as rates tumble
Applications to refinance a mortgage rose 70% last week compared to the same week a year ago, according to MBA datacarlofranco/Getty ImagesMortgage refinance applications rose 58% last week, per data from the Mortgage Bankers Association.Borrowing costs have dipped ahead of an expected rate cut from the Fed.The 30-year fixed mortgage rate fell 15 basis points to 6.35% last week, per Freddie Mac.There's one group of Americans already benefiting f…
Mortgage Applications Surge Near 30% as Rates Dive: How Does It Impact Monthly Payments?
Mortgage rates fell to their lowest levels in a year amid a faltering US labour market and traders pricing in a rate cut by the US Federal Reserve, which it did yesterday by 25 basis points to 4% to 4.25%.The average interest rate of 30-year fixed-rate mortgages fell to 6.30% from 6.62% four weeks ago, while the rate notched down to 6.31% for the 30-year jumbo mortgages from 6.64% a month ago. The rate on the 15-year fixed-rate mortgage was down…
Coverage Details
Bias Distribution
- 77% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
