Homeowners are jumping to refinance their home loans in the hope of finding savings on their mortgages amid falling rates that have declined from their two-decade peak a few months ago, the Mortgage Bankers Association (MBA) said on Wednesday.
For the week ending January 12, the Refinance Index shot up by 11 percent from the previous week, according to the MBA, and was 10 percent higher that the same time a year ago. Overall, mortgage applications increased again during the week by more than 10 percent.
The boost in refinancing and mortgage applications came amid a drop in mortgage rates from 8 percent in October 2022, the highest level since the turn of the century.
Americans Race to Refinance Mortgages as Rates Fall
