Refinance Demand Rises Despite Rate Fluctuations
Hey there! I’ve got some interesting news for anyone looking to buy a home, sell, or refinance. Last week, mortgage applications saw a bit of a bounce back, mainly because we were returning to more normal activity levels after the holiday. In fact, refinance applications jumped by about 15%! That’s a positive sign, especially since it’s 20% higher than this time last year.
For those of you thinking about purchasing a home, the demand is also looking up. The number of people applying for new home loans increased by 7% from the previous week, and it’s actually 4% higher than last year. However, it’s important to note that the average interest rate for a 30-year fixed mortgage ticked up slightly to 6.60%. Even though rates are fluctuating, there are still opportunities out there.
If you’re considering refinancing, now might be a good time to chat with me. With refinance applications making up over 40% of the market, many borrowers are finding it beneficial to look into their options despite the slight increase in rates. I can help you navigate through this to find the best fit for your financial goals.
