Market Update

Mortgage rates drop to six-month low, refinances rise higher

     
Mortgage rates drop to six-month low, refinances rise higher

The popular 30-year fixed mortgage rate fell back to the lowest level since February last week, and the 15-year fixed set a record low according to CNBC. That sent borrowers to their lenders, looking to save money on their monthly payments.

Applications to refinance a home loan jumped 9% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. They were still 10% lower than a year ago.

Continue reading Mortgage rates drop to six-month low, refinances rise higher at Movement Mortgage Blog.

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