What's Hot: 142-Unit Development At Inn of Rosslyn Site Moves Forward | Mortgage Rates Inch Closer To 7%
Mortgage Refinancing Demand Up Nearly 100% Over Last Year
✉️ Want to forward this article? Click here.
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.
Most Popular... This Week • Last 30 Days • Ever
Buffett called the five-bedroom listing home when his father, Howard Buffett, was ser... read »
Estate taxes, also known as inheritance taxes or death duties, are taxes imposed on t... read »
The application may signal movement on the massive mixed-use project.... read »
Penzance has unveiled its striking new plans for Rosslyn.... read »
A new report finds that the current housing market is split into two groups.... read »
- The Oracle of Spring Valley: Warren Buffett's Childhood Home in DC Hits the Market
- What Are Estate Taxes and How Do They Work?
- Raze Application Filed For Site Of 900-Unit Development, Food Hall Along Anacostia River
- Three Buildings, 862 Units: The New Plans For Rosslyn's Skyline
- The Two Housing Markets
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro