Mortgage refinancing surges 35% in one week, as interest rates hit lowest level in over a year

by anastasiakaufman-chime-me

Published Wed, Aug 14 20247:00 AM EDTUpdated 2 Hours Ago

New houses are seen for sale at Woodland Village, built by Lifestyle Homes housing developer, in Cold Springs, Nevada.Andri Tambunan | AFP | Getty Images

It appears to have taken a few weeks for current homeowners to realize mortgage rates had dropped dramatically. And when they did, they acted.

Applications to refinance a home loan surged 35% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. They were up a whopping 118% when compared with the same week one year ago.LEARN MORE…

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