Weekly mortgage-refinance demand drops as interest rates stall

0 4
A "For Sale" sign outside a house in West Palm Beach, Florida, April 7, 2021.Marco Bello | Bloomberg | Getty ImagesA prolonged period of low mortgage rates is taking its toll on the refinance market, as most borrowers who qualify have already gone through the process.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) remained unchanged at 3.03% last week, with points increasing to 0.34 from 0.29 (including the origination fee) for loans with a 20% down payment.As a result, applications to refinance a home loan dropped 4% for the week, seasonally adjusted, and were just 2% higher than a year ago, the Mortgage Bankers Association reported. Rates were just 5 basis points higher at this time last year, but they were lower last fall and at the start of this year, so a large share of borrowers have lower rates than today's."Recent uncertainty around the economy and pandemic have kept rates low over the past month, whi
Subscribe or log in to read the rest of this content.
Leave A Reply

Your email address will not be published.