Mortgage refinance demand jumps 19% after rates hit lowest level since July

by anastasiakaufman-chime-me

PUBLISHED WED, DEC 13 20237:00 AM ESTUPDATED 46 MIN AGO

SANTA CLARITA, CALIFORNIA - SEPTEMBER 08: An aerial view of homes in a housing development on September 08, 2023 in Santa Clarita, California. According to the National Association of Realtors, the median existing-home sale price in the U.S. increased 1.9 percent in July following five straight months of declines, which was the longest stretch of declines in 11 years, amid high interest rates. (Photo by Mario Tama/Getty Images) — An aerial view of existing homes near new homes under construction (UPPER R) in the Chatsworth neighborhood on September 08, 2023 in Los Angeles, California. Mario Tama | Getty Images

Homeowners looking to refinance are finding savings after mortgage rates dropped again last week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.07% from 7.17%, with points falling to 0.59 from 0.60 (including the origination fee) for loans with a 20% down payment, according to the Mortgage Bankers Association. That was the lowest level since July.

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