- ORIGINAL NEWS
Mortgage refinance demand jumps 19% after rates hit lowest level since July
- SUMMARY
Mortgage rates have dropped, prompting a surge in refinance applications.
Homebuyers are also showing more interest, but housing supply remains tight.
Homeowners can now refinance their mortgages at lower interest rates, with 30-year fixed-rate loans averaging 7.07%.
Demand for refinancing has increased by 19%, and applications to purchase a home have increased by 4%.
However, home prices are still high, and the supply of homes for sale is low.
The Federal Reserve’s upcoming meeting may impact mortgage rates depending on their decisions and Chair Jerome Powell’s comments.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“Mortgage rates dropped again last week, prompting a 19% jump in refinance applications.”
“Homeowners looking to refinance are finding savings after mortgage rates dropped again last week.”
Negative
“Home prices are still high, and housing supply remains tight.”
“Applications for a mortgage to purchase a home rose 4% for the week but were still 18% lower than the same week one year ago.”