As mortgage rates begin to come back down, both fixed-rate mortgage and refinancing applications are on the rise. According to the Mortgage Bankers Association, mortgage applications rose by 14.2% in the week ending Sept. 13, 2024. Refinancing applications also increased by 24% from the previous week and were 127% higher than at the same time last year. Overall, refinancing made up 51.2% of the total applications submitted during the week ending Sept. 13, while adjustable-rate mortgages accounted for 5.9%.
“Application activity was up significantly last week, as market expectations of a rate cut from the Fed pulled mortgage rates lower. The 30-year fixed mortgage rate, at 6.15 percent, is now at its lowest since September 2022 and is more than a full percentage point lower than a year ago,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Refinance applications were up 24 percent – more than double last year’s pace, with both conventional and government activity jumping to the fastest pace of refinancing since 2022.”
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