A recent decline in mortgage rates has pushed Americans’ demand to refinance their mortgages, said the Mortgage Bankers Association.
With the average 30-year fixed-rate mortgage reaching 7.17% last week following October’s near 8% figures, refinance demand registered up 14% last week from the week prior.
This also represented a 10% year-over-year increase in demand.
“Refinance applications saw the strongest week in two months and increased on a year-over-year basis for the second consecutive week for the first time since late 2021,” said MBA Vice President Joel Kan.
