Mortgage applications hit 2-year high as refinancings surge
Published On Sep 25, 2024, 7:00 AM
Mortgage applications have surged to their highest level in two years, primarily driven by a significant increase in refinancing as mortgage rates decline. The Mortgage Bankers Association reported an 11% increase in applications last week, with refinancing applications increasing by 20%. Nearly 56% of these applications were for refinancing, reflecting consumer responsiveness to lower interest rates. The average rate for a 30-year fixed mortgage dropped to 6.09%, down over a percentage point from last year, spurring more homeowners to refinance.