All articles tagged with #mortgage refinance
Mortgage refinance demand surged 10% despite rates crossing back over 7%, as homeowners rushed to lock in savings amid concerns of further rate increases. Meanwhile, applications for home purchases fell 5% as inventory remained low and prices continued to rise. Investors are closely watching the upcoming consumer prices report, which could impact mortgage rates.
Mortgage refinance demand surged by 19% after mortgage rates hit their lowest level since July. The average contract interest rate for 30-year fixed-rate mortgages decreased to 7.07%, prompting homeowners to seek savings through refinancing. Applications for mortgage refinancing were 27% higher compared to the same week last year. Meanwhile, applications for home purchases rose by 4% but remained 18% lower than the previous year. Despite lower mortgage rates, the housing market still faces challenges such as high prices and limited inventory. The Federal Reserve's upcoming meeting and comments from Chair Jerome Powell may impact mortgage rates.
Mortgage refinance demand has surged by 14% as mortgage rates fall to their lowest point since August. The average contract interest rate for 30-year fixed-rate mortgages decreased to 7.17%, prompting an increase in refinance applications. However, the level of refinance demand remains relatively low compared to the early years of the pandemic when rates hit record lows. Applications for home purchases fell by 0.3% as potential buyers continue to face high prices and low inventory. The upcoming monthly employment report could impact mortgage rates depending on its implications for the economy.