After mini-boom, weekly mortgage refinance demand falls back 15%. Here’s why

by anastasiakaufman-chime-me

Published Wed, Aug 21 20247:00 AM EDTUpdated 5 hours ago

A house under construction is seen between completed houses in a new development in Brambleton, Virginia on August 14, 2024. US consumer inflation eased slightly in July, according to US Labor Department data published on August 14, 2024,, its smallest 12-month increase since March 2021 and a positive sign for the Federal Reserve as it weighs cutting interest rates. The consumer price index (CPI) rose 2.9 percent last month from a year ago, the Labor Department said in a statement, while a measure that stri

A house under construction is seen between completed houses in a new development in Brambleton, Virginia on August 14, 2024.Andrew Caballero-Reynolds | AFP | Getty Images

Mortgage rates fell for the third week in a row last week, but the rush to refinance took a breather.

Applications to refinance a home loan dropped 15% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was, however, 90% higher than the same week one year ago. That is likely due to the 23% surge in demand over the past four weeks, as mortgage rates fell…LEARN MORE…

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