Industry News

Borrowers rush to refinance, as mortgage rates drop for a second week

Borrowers rush to refinance, as mortgage rates drop for a second week

Tom Oslund

Mortgage rates fell for the second straight week last week, and that helped boost refinance demand for the first time in a while. As a result, total mortgage application volume rose 5.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming...

Millennials Will Drive Home Prices Up for Years to Come

Millennials Will Drive Home Prices Up for Years to Come

Tom Oslund

Today's Mortgage Rates | October 5, 2021

Tom Oslund

The average interest rate on a 30-year fixed-rate mortgage decreased to 3.336% today. It’s the second day in a row the 30-year rate has declined after last week’s surge. Rates for most other loan types were also lower, although the interest rate on a 5/1 adjustable-rate loan stayed unchanged while the rate for a 30-year VA loan was up.

Lower rates are good news for well-qualified...

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