Lower mortgage rates are just one consideration
Both purchase and refinance applications jumped in the past week, with mortgage applications up 26.8 percent from a week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending . Refinance applications jumped 47 percent in the same period to the highest level since 2016, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting.
In the past seven months, mortgage rates have dropped a percentage point, with the national average 30-year fixed mortgage rate at 3.97 percent, according to . The 15-year fixed rate is 3.25 percent.
The drop in rates has opened the refinancing door to many homeowners, primarily those who have taken out their mortgages in the last two years, when rates were higher, and those who missed previous refinancing opportunities, says Greg McBride, chief financial analyst at . Devamını Oku
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