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Mortgage Rates Drop, Refinance Demand Surges

  • August 14th 2024

by UrbanTurf Staff

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Mortgage rates dropping to their lowest level in 15 months led to a surge in refinance demand over the past week. 

The Mortgage Bankers Association (MBA) reported Wednesday that applications to refinance a home rose 35% over the last week, as interest rates dropped to 6.47%. 

“Rates on both 30- and 15-year fixed rate mortgages decreased for the second consecutive week, and combined with the previous week’s rate moves, spurred another strong week for application activity as borrowers with higher rates took the opportunity to refinance,” Joel Kan, an MBA economist, said in a release.

See other articles related to: mortgage demand, mortgage refinance

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_drop_refinance_demand_surges/22600.

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