Homeowners race to refinance as mortgage rates retreat from 23-year highs
A recent pullback in mortgage rates is spurring more homeowners to refinance their home loan and lower their monthly payments
By ALEX VEIGA
Published - Aug 08, 2024, 12:38 PM ET
Last Updated - Aug 08, 2024, 12:38 PM EDT
LOS ANGELES (AP) — A recent pullback in mortgage rates is spurring more homeowners to refinance their home loan and lower their monthly payments.
The Mortgage Bankers Association's refinance index, which tracks home loan application volume, surged 16% last week from the previous week to its highest level in two years, the association said Wednesday.
Refinance applications were up nearly 60% versus the same week last year.
Home loan applications rose overall last week to their highest level since January, though much of that was due to the surge in refinance applications.
