Street Calls of the Week
Investing.com -- Mortgage rates in the United States decreased for the second consecutive week, with the 30-year fixed-rate mortgage averaging 6.26% as of Thursday, according to Freddie Mac’s Primary Mortgage Market Survey.
The latest figure represents a decline from last week’s average of 6.35%. However, current rates remain higher than the 6.09% recorded during the same period last year.
The 15-year fixed-rate mortgage also dropped, averaging 5.41% this week, down from 5.50% last week. A year ago, the 15-year rate stood at 5.15%.
The declining rates have sparked increased refinancing activity among homeowners. According to Sam Khater, Freddie Mac’s Chief Economist, "Mortgage rates decreased yet again this week, prompting many homeowners to refinance. In fact, the share of mortgage applications that were refinances reached nearly 60%, the highest since January 2022."
This surge in refinancing applications marks a significant shift in mortgage market activity, reaching levels not seen in over three years.
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