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Mortgage Refinance Demand Surges As Rates Drop To Two-Year Lows

  • 11:19 AM EDT

by UrbanTurf Staff

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As interest rates fall, mortgage refinancing is surging.

Applications to refinance a home loan increased 20% last week compared with the previous week, the Mortgage Bankers Association reported on Wednesday. The surge comes as interest rates fell closer to 6%. 

“The 30-year fixed rate decreased for the eighth straight week to 6.13%," the MBA's Joel Kan said in a release. “As a result of lower rates, week-over-week gains for both conventional and government refinance applications increased sharply.”

See other articles related to: mortgage demand

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_refinance_demand_surges_as_rates_drop_to_two-year_lows/22751.

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