Mortgage Refinance Demand Explodes 58% as Rates Hit 11-Month Floor
Homeowners swarm lenders as borrowing costs plunge to lowest level in nearly a year.
The Refinance Gold Rush
Applications surge 58% week-over-week—the biggest spike since rates started their descent. Suddenly everyone's remembering they bought at peak pandemic prices.
Rate Plunge Triggers Avalanche
With 30-year fixed mortgages dipping below key psychological barriers, calculators across America finally spit out numbers that make sense. Even the Fed can't argue with math this compelling.
Wall Street's Baffled
Traders scratch heads as traditional finance actually does something logical for once. Meanwhile, mortgage brokers work triple shifts while quietly doubting this rationality will last.
Because nothing says 'healthy economy' like everyone rushing to re-leverage at the first sign of relief.
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Home mortgage refinancing applications posted a weekly rise of 58% and a yearly rise of 70%, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ended September 12.
Refinancing Surges, but Housing Market Still Under Pressure
“Homeowners with larger loans jumped first, as the average loan size on refinances reached its highest level in the 35-year history of our survey,” said MBA senior vice president and chief economist Mike Fratantoni.
At the same time, the broader housing market remains constrained by limited inventory and home prices hovering NEAR record highs. While refinancing demand has surged, a sustained recovery in home buying demand will likely hinge on both further mortgage rate relief and an improvement in supply.
