Mortgage Update: Slight Rate Drop and Refinance Surge Amidst Purchase Application Decline

Mortgage Update: Slight Rate Drop and Refinance Surge Amidst Purchase Application Decline

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) fell slightly to 6.54% from 6.55%. The refinance share of mortgage activity increased to 48.6% of total applications from 41.7% in the previous week. 
Applications for a mortgage to purchase a home rose just 3% for the week and were still 8% lower than the same week one year ago. (CNBC)

08/15/2024