Spurred by another drop in interest rates, mo♎rtgage demand moved lower for the week e🦋nding Sept. 6.

Mortgage rates dropped to 6.29% last week, the lowest rate since February 2023, helping to push the volume of applications higher by 1.4%, according to Mortgage Brokers Association (MBA) data. Mortgage rates have declined significantly over the past two months, dropping steadily since early July, when the 澳洲幸运5官方开奖结果体彩网:30-year,🐷 fixed-rate mortgage was at ꦐ7%.

Applications for home purchases increased by 2%, while 澳洲幸运5官方开奖结果体彩网:refinancing was higher by 1% over the week prior.

Refinancing Surges on Mortgage Rate Dip

The data showed that homeowners with high mortgage rates continued to utilize the dip in 🉐borrowing costs to refinance ♐their home loans. Refina𝓀ncing last week was 106% higher than a ♚year ago.

“With rates almost a full percentage point lower than a year ago, refinance applicat✨ions continue to run much higher than last year’s pace,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “It is a positive development that there are homeowners who can benefit from a refinance as rates continue to move lower.”

However, most homeowners have rates lower than 5%, leaving refinancing activity relatively limited, Kan added.