Mortgage Rates Just Dropped to a Six-Month Low, and Refinances Shoot Higher

By
Mortgage and Lending with ChangeMyRate.com® A Mortgage Corporation NMLS #1326269

KEY POINTS

  • The typical interest rate for 30-year fixed-rate mortgages decreased to 3.01% from 3.11% last week.
  • Applications to refinance a home loan jumped 9% last week from the previous week, according to the Mortgage Bankers Association.
  • Applications for a mortgage to purchase a home fell 2% for the week and were 18% lower than a year ago.

The popular 30-year fixed mortgage rate fell back to the lowest level since February last week, and the 15-year fixed set a record low. That sent borrowers to their lenders, looking to save money on their monthly payments.

Applications to refinance a home loan jumped 9% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. They were still 10% lower than a year ago. The refinance share of mortgage activity increased to 67.2% of total applications from 64.9% the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.01% from 3.11%, with points decreasing to 0.34 from 0.43 (including the origination fee) for loans with a 20% down payment. The average rate on the 15-year fixed set a new low of 2.36%.

To learn more about mortgage rates dropping, refinancing and the home buying process, visit the SCOOP! Blog

Comments (1)

Bill Salvatore - YVP Blog
Arizona Elite Properties - Chandler, AZ
Realtor - Valley of the Sun / golfArizona@cox.net

These low rates contiue to fuel our RE frenzy.  Bill 

Jul 29, 2021 12:39 PM
Jackie A. Graves

Hi Bill, thank you for your comment. Stay posted for future blogs and make it a great day. 🙂

Jul 31, 2021 08:32 PM