Applications to refinance a mortgage jumped 35% last week as mortgage rates fell for a second consecutive week, marking the strongest week for refinancing since May 2022.
Almost half of all mortgage applications in the week ended Aug. 9 were aimed at refinancing, rising to 48.6% of total applications, up from 41.7% the previous week.
The average contract interest rate for 30-year fixed-rate mortgages slipped slightly to 6.54%, following a more significant drop the previous week after a cooling job report.
Economic indicators reflect positive changes in the housing market, indicating a potential resurgence as homebuyers slowly reenter amid lower rates and easing inflation.
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