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Homeowners Rush to Refinance as Mortgage Rates Hit October Lows
Homeowners Rush to Refinance as Mortgage Rates Hit October Lows
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BTCCSquare news:
Mortgage refinancing applications surged 60% last week as homeowners capitalized on the lowest borrowing costs since October. The Mortgage Bankers Association reported a 30% weekly increase in overall loan demand, with the average refinance loan size reaching a record high.
The 30-year fixed rate dipped to 6.39%, still elevated historically but offering relief in a frozen housing market. "Homeowners with larger loans jumped first," noted MBA's chief economist Mike Fratantoni, signaling strategic timing ahead of anticipated Fed rate cuts.
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