Mortgage applications hit 2-year high as refinancings surge

Mortgage applications have surged to their highest levels since July 2022, with a notable 11% increase in the week ending September 20, driven primarily by homeowners looking to refinance as mortgage rates decline.

Refinancing applications rose 20% during this period, comprising nearly 56% of all applications, according to the Mortgage Bankers Association (MBA).

The average rate on a 30-year fixed mortgage dropped to 6.09%, down over a percentage point from the previous year, Yahoo Finance has reported.

read more: https://finance.yahoo.com/news/mortgage-applications-hit-2-year-high-as-refinancings-surge-110056393.html

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