The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.87% from 7.00%
Applications to refinance a home loan jumped 15% last week, compared with the previous week, to the highest level since August 2022, according to the Mortgage Bankers Association's seasonally adjusted index. Demand was 37% higher than the same week one year ago when mortgage rates were exactly the same.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.87% from 7.00%, with points decreasing to 0.57 from 0.60 for loans with a 20% down payment.
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