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Mortgage rates continued to jump higher last week, a move that brought borrowers out of the sidelines, looking to refinance.
Source: CNBC
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The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) rose to 3.78% from 3.72%, with points dropping to 0.41 from 0.43.
With rates now on the upward trend, mortgage applications to refinance a home loan surged 18% week to week. Volume was still 50% lower than the same week one year ago.
The refinance percentage of mortgage activity expanded to 57.3% of the total applications from 55.8% the previous week.
Mortgage rates remained at near-record lows for the more significant part of 2021, but not every person could benefit from refinancing their mortgages.
Mortgage applications to buy a home rose 4% for the week but were 7% below the same week one year ago.
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