Real Estate

Borrowers rush to refinance, as mortgage rates drop for a second week


A property for sale in Monterey Park, California

Frederic J. Brown | AFP | Getty Images

Mortgage rates fell for the second straight week last week, and that helped boost refinance demand for the first time in a while. As a result, total mortgage application volume rose 5.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.16% from 3.24%, with points remaining unchanged at 0.34 (including the origination fee) for loans with a 20% down payment. The rate is now down 14 basis points in the past…


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