"The number of homeowners who are in the money for a refi jumped 55% from two weeks earlier, from 2 million to 3.1 million. That's according to the September Mortgage Monitor report from ICE Mortgage Technology, released Monday. The growth comes as Americans continue to face rising costs tied to homeownership. For example, over the past five years, ICE reported that interest costs increased 27%, compared to 23% growth for loan principal, 25% for property taxes and 70% for insurance."
"The average 30-year fixed rate for conforming loans, according to ICE, stood at 6.36% on Monday, its lowest level since October 2024. The number of mortgages in the money' for a refinance had been sitting at 2 million since mid-August. That figure jumped to 2.5 million as rates broke below 6.5% on Thursday before hitting 3.1 million on Friday, said Andy Walden, ICE's head of mortgage and housing market research."
Homeowner refinance eligibility increased 55% in two weeks, rising from 2 million to 3.1 million as mortgage rates declined. Over five years, interest costs increased 27%, loan principal rose 23%, property taxes grew 25%, and insurance climbed 70%. The average 30-year fixed conforming rate stood at 6.36%, the lowest since October 2024. Mortgages in the money for refinance rose to 2.5 million when rates fell below 6.5% and reached 3.1 million after further declines. Analysts estimate 3.7% of mortgages are in the money with a 50-basis-point incentive; a drop to 6% could let another 17.3% refinance. Markets expect Fed rate cuts in September, but mortgage futures imply only modest downward movement in mortgage rates through early 2026.
Read at www.housingwire.com
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