CoreLogic's data illustrates an inverse relationship between mortgage rates and refinance activity. A 120 basis point decline in rates led to a surge in applications, reaching a two-year high.
Despite a substantial increase in refinance volume compared to last year, the $347 billion originated in 2024 remains a significant reduction from the $2.2 trillion in the same period of 2021.
The volatility in the 15-year conforming loan rate is notable, with fluctuations causing it to rise past 7% in July before dropping to near 5.5% in September.
The average refinance borrower in recent months had a prior mortgage for just 15 months, indicating a trend of borrowers quickly capitalizing on favorable rates to lower their payments.
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