“Mortgage refinance boom takes hold, as weekly demand surges 20%”
September 26, 2024
“Applications to refinance a home loan surged 20% last week compared with the previous week.
This as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.13% from 6.15%
The refinance share of applications rose to 55.7%.
Mortgage applications to purchase a home rose just 1% for the week and were 2% higher than the same week one year ago…”
These headlines are major clickbait. Mortgage boom yea right. 1 week is not a “boom.”