Mortgage applications have jumped to the highest levels since July 2022, driven by homeowners seeking to refinance their loans as rates drop.
Applications to refinance or purchase a home in the week that ended Sept. 20 rose 11% week over week, according to the Mortgage Bankers Association (MBA). Refinancing applications jumped 20% during that period as more consumers sought to take advantage of falling mortgage rates.
It’s the second consecutive week of double-digit application gains. Refinancings made up nearly 56% of applications as the typical summer homebuying season wraps up, according to the MBA.
Claire Boston | Yahoo Finance