Mortgage applications surge on refinances as rates hit 21-month low

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Mortgage applications surge on refinances as rates hit 21-month low

Americans are scrambling to refinance mortgages as borrowing costs tumble.

 

With mortgage rates falling to the lowest level since September 2017, total mortgage applications surged 26.8% last week, led by an increase in refinancing, the Mortgage Bankers Association (MBA) said Wednesday.

 

Applications to refinance mortgages jumped a whopping 47% from the prior week to the highest level since 2016.

 

Mortgage applications to buy a home also perked up, increasing 10% after several weeks of lackluster showings as house shoppers finally responded to falling rates.

 

The average contract interest rate for 30-year fixed-rate mortgages with loan balances of $484,350 or less dipped to 4.12% from 4.23%.

 

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