A significant drop in mortgage rates to the low-6% range in late 2024 ignited a wave of refinancing, with over 300,000 transactions occurring in September and October alone.
Interestingly, almost half of refinancing activity involved homeowners securing better rates, with October seeing a historic shift towards rate/term refinances over cash-out options, highlighting a proactive approach to financing.
Data revealed that technologically advanced lenders successfully managed this surge in refinancing demand, achieving the lowest average closing times for October in five years, facilitating quick transitions for borrowers.
The refinance activities primarily featured homeowners moving away from their recent mortgages from 2023 and 2024, resulting in significant monthly savings totaling approximately $47 million for homeowners in just two months.
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