What are the current 30-year fixed mortgage rates?

The average contract interest rate for 30-year fixed-rate mortgages remained at 6.21% last week.

How did mortgage application volume change recently?

Total mortgage application volume increased by 0.3% last week compared to the previous week.

Why is refinancing demand significantly higher year-over-year?

Refinancing applications are up 101% compared to the same week last year, as rates were significantly higher then, making current refinancing opportunities very attractive.

Home / Business and Economy / Mortgage Rates Flat, Seekers Find New Savings

Mortgage Rates Flat, Seekers Find New Savings

11 Feb

•

Summary

30-year fixed mortgage rates remained at 6.21% last week.
Mortgage application volume saw a slight increase of 0.3%.
Refinancing applications surged 101% year-over-year.

Mortgage Rates Flat, Seekers Find New Savings

Mortgage rates for conventional loans remained unchanged last week, yet overall demand showed little movement. However, borrowers are increasingly seeking alternative loan products that offer significant cost savings.

Total mortgage application volume experienced a slight increase of 0.3% compared to the prior week. The average contract interest rate for 30-year fixed-rate mortgages, for loans with conforming balances up to $832,750, held firm at 6.21%.

Applications for refinancing home loans rose by 1% over the past week and demonstrated a remarkable surge of 101% when compared to the same week in the previous year. This trend is largely attributed to mortgage rates being 74 basis points higher a year ago, making current refinancing options highly attractive for borrowers seeking savings.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.