Mortgage rates fell last week, causing a rush on refinancing.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased last week to 6.42% from 6.58%.A sign advertising home loan rates for purchase or refinancing at a Bank of America in New York.After rising at the end of the year, mortgage rates dropped sharply last week. That drove demand from current homeowners hoping to save on their monthly payments, but it did little to excite potential homebuyers.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased last week to 6.42% from 6.58%, with points remaining at 0.73 for loans with a 20% down payment. One year ago, that rate was 3.52%. The drop in rates sparked a 5% increase in applications to refinance a home loan. Volume, however, was still 86% lower than the same week one year ago. Even with rates lower than their previous high of over 7% last fall, at the current rate just 270,000 borrowers could benefit from a refinance, according to Black Knight, a mortgage technology and analytics firm. A year ago, with the rate half what it is now, roughly 7 million borrowers could benefit.
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