Posted 1/11/2024, 5:09:40 PM
Mortgage Rates Drop Sparks Refinancing Frenzy and Homebuyer Interest
- Refinance activity jumped 19% week-over-week and 30% year-over-year due to drop in mortgage rates from fall peak
- Overall mortgage application activity up 10% to start 2023 as purchases also increase
- Declining rates cut median monthly housing payments by $325 in early January
- Home prices remain over 4% higher than last year despite stabilization; asking prices up nearly 5%
- Lower rates helping buyers psychologically even though home prices stay elevated