Mortgage Rates Fall Back to 6.5%
With mortgage rates at 6.5%, expect a boom in refinances and home purchases.
4 hours ago 3 min read
With mortgage rates at 6.5%, expect a boom in refinances and home purchases.
Mortgage rates are highly sensitive to inflation data. So, strap in for today's price index.
3 million homeowners could benefit from refinancing if rates drop near 6.3%.
Surge in refinancing: Borrowers are rushing to refinance their homes, with 23% more applications this week than last, as mortgage rates continue to drop.
Requesting seller concessions to pay for a rate buydown can lead to greater monthly and lifetime savings than requesting a lower purchase price.
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Many homeowners who purchased since September 2022 might save money with a refinance, thanks to falling mortgage rates.
Falling mortgage rates have equated to an estimated $300-per-month drop in the mortgage payment on a $350,000 home.
Refinances surged this week as borrowers took advantage of falling mortgage rates following last week's grim jobs report.
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First-time home buyers are biding their time, put off by high mortgage rates. But is that a mistake they'll later regret?
Two expert forecasts this week provide hope that mortgage rates could fall later this year and through 2026.
