Mortgage Rate Decline Triggers Refinancing Surge

Homeowners are seizing the opportunity to lower monthly payments as mortgage rates fall for the second consecutive week.

Mortgage refinancing applications increased by 35% in the past week, reaching the highest level since May 2022.
The average 30-year fixed mortgage rate dropped to 6.54%, with the 15-year rate falling below 6%.
Nearly half of all mortgage applications last week were for refinancing, up from 42% the previous week.
The Federal Reserve is expected to cut interest rates in September, further influencing mortgage rates.
Economic indicators, including cooling inflation, are contributing to the decline in borrowing costs.