Mortgage refinance demand jumps 18% as interest rates drop for the fifth straight week

A ‘For Sale’ sign is posted in front of a single family home on October 27, 2022 in Hollywood, Florida.Joe Raedle | Getty Images

Mortgage rates continued to fall last week, and both current homeowners and potential homebuyers reacted swiftly.

Total mortgage application volume, including refinances and loans to purchase a home, jumped 7.4% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.18% from 6.19%, with points falling to 0.64 from 0.65 (including the origination fee) for loans with a 20% down payment. That rate was 3.83% the same week one year ago…. READ MORE>>> https://www.cnbc.com/2023/02/08/mortgage-refinance-demand-jumps-18percent-as-interest-rates-drop.html

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