"Folks who are up for a refinance are paying close attention - they are ready to jump," Chen Zhao, head of economic research at Redfin, tells Axios. This highlights the urgency among homeowners to take advantage of lower rates.
"The housing market is at a bit of a turning point, but affordability is still really bad," Zhao adds. Despite lower rates, many homeowners are still struggling to find affordable homes.
The rate for a 30-year mortgage is about 6% - more than a full point lower than the most recent peak in May, according to Freddie Mac. This decline reflects the impact of the Fed's easing monetary policy.
Refinances made up the largest share of mortgage activity - about 56% - since the Fed signaled it would kick off a rate-hiking cycle in 2022. However, overall refinance volumes are still moderate compared to previous waves.
[
Collection
]
[
|
...
]