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Mortgage Refinancing Demand Up Nearly 100% Over Last Year

  • September 4th 2024

by UrbanTurf Staff

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As interest rates fall, mortgage refinancing is on the rise. 

Rates dropped for the fifth week in a row last week and total mortgage application volume rose 1.5%, the Mortgage Bankers Association (MBA) reported on Wednesday. Applications to purchase a home rose 3% but were 4% lower than the same week one year ago. Despite falling slightly compared week-over-week, refinancing demand was 94% higher than this time last year. 

“Refinance applications were slightly down but continued to show strong annual gains as borrowers with higher rates have been refinancing to lower their monthly payments,” MBA economist Joel Kan said in a release. “The refinance share of applications averaged almost 46 percent in August, the highest monthly average since March 2022.”

See other articles related to: mortgage demand

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-refinancing-demand-up-nearly-100-over-last-year/22674.

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