Overview

• Average 30-year mortgage rates have fallen to 6.47%, the lowest since May 2023.
• Refinance applications now make up nearly 42% of mortgage applications, the highest since March 2022.
• Experts recommend considering the full costs of refinancing, including fees that may not be rolled into the new loan.
• Mortgage rates are expected to decline further as the Federal Reserve considers rate cuts.
• Despite lower rates, homeowners should evaluate how long they plan to stay in their home to ensure refinancing is beneficial.