LOS ANGELES (AP) — A recent pullback in mortgage rates is spurring more homeowners to refinance their home loan and lower their monthly payments.
LOS ANGELES — A recent pullback in mortgage rates is spurring more homeowners to refinance their home loan and lower their monthly payments.
Despite the lower borrowing costs, applications for loans to buy a home rose only 0.8% from the previous week and were down about 11% from a year earlier, the MBA said.For many home shoppers, mortgage rates remain too high, given record-high housing prices and a chronic shortage of properties on the market.
The average rate on a 30-year mortgage was 6.73% last week, its lowest level since early February, according to mortgage buyer Freddie Mac. The elevated mortgage rates, which can add hundreds of dollars a month in costs for borrowers, have discouraged home shoppers, extending the nation’s housing slump into its third year.“If the recent drop in longer-term rates is sustained, then we expect to see another uptick in refinance applications and subsequent refinance mortgage volumes this week,” said Doug Duncan, chief economist at Fannie Mae.
Mortgage Bankers Association Mortgage Buyer Applications Home Loan Applications
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