Mortgage loan activity jumps … mostly refinances

Mortgage refinance demand surges even as rates cross back over 7%. Here’s why

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.01% from 6.91%
Applications to refinance a home loan jumped 10% for the week and were 4% higher than the same week one year ago.
Applications for a mortgage to purchase a home fell 5% for the week and were 23% lower than the same week one year ago.

Call today!

(617) 595-3712

Where is Ford Realty Located?

Ford Realty is located in 137 Charles Street in Beacon Hill

Byline – John Ford – Boston Seaport Condo Broker.

Ford Realty Inc., Boston Real Estate for Sale

Click to View Google Review

Updated: Boston Real Estate 2024

Should I Refinance My Mortgage? – Ford Realty Inc

_______________________

Mortgage loan activity jumps … mostly refinances

Maybe people do pay attention when stuff like this happens?

Mortgage application volume jumped 48.1 percent last week following the Federal Reserve’s move to cut two key short-term interest rates, the Mortgage Bankers Association reported today.

According to MBA, the seasonally adjusted increase was led by an 82.2 percent spike in the index that tracks refinance applications, followed by a 10.6 percent gain in the purchase-loan index.

As a result, the refinance share of loan applications hit 62 percent, up from 49.7 percent at mid-month.

Great. Refinancing is good, right? People lower their monthly payments … then spend it, instead of saving it?

Consumers, we need your money to fuel the economy. Don’t let us down.

Source: Fed action pushes refis up 82% – Inman News