Mortgage refinance demand jumps 14% as rates fall to lowest point since August
PUBLISHED WED, DEC 6 20237:00 AM ESTUPDATED 58 MIN AGO
By: Diana Olick
After surging over 8% in October, mortgage rates are falling back toward 7% again, and that is jump-starting the refinance market.
Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.17% from 7.37%, with points dropping to 0.60 from 0.64 (including the origination fee) for loans with a 20% down payment, according to the Mortgage Bankers Association. That was the lowest level since August.
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