Americans Rush to Refinance Their Homes as Mortgage Rates Change

📆 6/12/2024 2:05 PM
📰 Newsweek

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Homeowners moved to change the terms of their home loans as rates slightly dropped last week, lenders said.

Homeowners moved to refinance their homes in substantial numbers for the week ending June 7 after a slight decline in borrowing costs, the Mortgage Bankers Association revealed on Wednesday, pushing up new applications for mortgages to their highest levels in weeks.MBA's Refinance Index soared 28 percent for the week and was up 28 percent from a year ago.

'On a seasonally adjusted basis and compared to the holiday-adjusted level from the prior week, purchase activity also increased,' he added.For buyers out looking to purchase, they are seeing more options available as supply of homes looks to have improved.'Multiple data sources are now indicating that home inventory levels, while still historically low, are up significantly from last year at this time,' Fratantoni said.

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Weekly mortgage refinance demand revives as interest rates fall to 7-week lowTotal mortgage application volume rose 1.9% compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
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