A recent pullback in mortgage rates is spurring more homeowners to refinance their home loan and lower their monthly payments.
The Mortgage Bankers Association 's refinance index, which tracks home loan application volume, surged 16% last week from the previous week to its highest level in two years, the association said Wednesday.Home loan applications rose overall last week to their highest level since January, though much of that was due to the surge in refinance applications .
The average rate on a 30-year mortgage was 6.73% last week, its lowest level since early February, according to mortgage buyer Freddie Mac. The average rate declined again this week, falling to 6.47%, the lowest level in more than a year. “If the recent drop in longer-term rates is sustained, then we expect to see another uptick in refinance applications and subsequent refinance mortgage volumes this week,” said Doug Duncan, chief economist at Fannie Mae. The mortgage buyer's own index of refinance activity shows that refinance applications climbed 20% last week from the previous week.
Refinance Applications Homeowners Home Loan Mortgage Bankers Association Interest Rate Housing Market Freddie Mac
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