Mortgage applications in the United States have surged recently, driven by a consistent decline in rates over the past six weeks. The 30-year fixed rate has fallen to 6.6%, down from a peak of 7% in January, while the 15-year fixed rate has decreased to 5.7% from 6.2%. This reduction in rates has led to an 11% increase in applications and a 16% rise in refinancing activity, as reported by the Bankers Association (MBA).
Mortgage Applications:
Similarly, MarketWatch notes that mortgage rates have reached their lowest level in five months, with the 30-year fixed-rate at its lowest since October 2024. This has resulted in a 7% increase in purchase activity and a 16.2% rise in refinancing activity compared to the previous week, indicating a revitalizing housing market.
MARKETWATCH
These developments suggest that declining rates are stimulating both home purchases and refinancing, providing opportunities for buyers and homeowners to secure more favorable loan terms.
Applications Surge Amid Falling Rates
Leave a Reply