Mortgage Rates Hit 2025 Lows
Posted by Paul Burrowes on
The rate on 30-year fixed-rate mortgages has fallen to 6.17%, a new low for the year. This decline is largely influenced by investor expectations of future Federal Reserve rate cuts, as a weakening job market is seen as a greater concern than inflation.
Refinancing Surge
Homeowners have responded to the lower rates in a big way. Mortgage refinance applications surged by 58% last week compared to the prior week and were up 70% year-over-year. Nearly 60% of all mortgage applications were for refinances. The average refinance loan size reached a record high of $461,300, the highest in the 35-year history of the Mortgage Bankers Association's survey.
High Demand for Purchase Mortgages
Requests for purchase mortgages have increased for the second…
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