Mortgage Bankers Association (MBA) reports

US Mortgage Rates Drop to 6.13% for 8 Consecutive Weeks, Refinancing Surges

Sep 25, 2024, 11:04 AM

Mortgage rates in the United States have declined to 6.13%, the lowest level in nearly two years, according to the Mortgage Bankers Association (MBA). This drop has led to a significant increase in mortgage refinancing activity, which surged by 20% week-over-week and 175% month-over-month. The MBA Purchase Index rose to 148.2 from 146.1, while the Mortgage Market Index increased to 296.1 from 266.8. The Mortgage Refinance Index also saw a substantial rise to 1,132.9 from 941.4. Overall, the decline in mortgage rates has boosted both purchase and refinancing applications, with refinancing now accounting for 57% of all mortgage applications. Notably, the 30-year mortgage rate has fallen for 8 consecutive weeks, a streak not seen since December 2018 to January 2019.