Rate-and-Term Refinances Surge 109% MoM Due to Declining Mortgage Rates

Tuesday, 10 September 2024, 03:08

Rate-and-term refinances have surged 109% month-over-month as mortgage rates have shown signs of decline. This change reflects significant shifts in the housing finance market. Homeowners are increasingly capitalizing on lower borrowing costs, leading to the highest market share of refinances since The Fed began hiking rates in March 2022.

Rate-and-Term Refinances Surge 109% MoM Due to Declining Mortgage Rates

Surging Refinances: A Market Response

Rate-and-term refinances have jumped 109% month-over-month, driven by a notable decrease in mortgage rates. This significant increase indicates a strong market response to more favorable borrowing conditions.

Key Factors Behind the Surge

Economic conditions are shifting, prompting homeowners to seek refinancing options.
Consumer confidence is rising as rates decline.
Refinance locks now represent the highest share of the market since March 2022.

Future Implications

This surge could lead to more market stability and affect overall housing affordability.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Surging Refinances: A Market Response

Key Factors Behind the Surge

Future Implications

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