The overall refinancing activity remains significantly lower than the peak levels seen during the COVID-era refi boom, indicating a cautious market amidst fluctuating rates.
While refinance demand surged by 32.8%, it comprises only 17% of total lock volume, suggesting a modest recovery rather than a definitive trend in the market.
Despite an uptick in borrowings for rate-and-term refinances, experts indicate that this activity has not translated to a macro-level impact on the mortgage industry.
Clients show interest in refinancing, yet many prefer to wait due to ongoing market volatility and uncertainty regarding future interest rate movements.
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